Steven B. (Steve) Mercil

President and CEO
RAIN Source Capital

Steve Mercil is the founder and Chief Executive Officer of RAIN Source Capital. Under his leadership, RAIN Source Capital and its predecessor organization have grown regional and national in scope and have been recognized for their expertise in leveraging the power of angel investors.

RAIN Source Capital has 24 Funds with over $20 million in committed capital, and has financed 70 plus companies. Through its 450 members, over $150 million has been invested by the RAIN Funds and member VC’s. Mercil is a Principal in the InvestAmerica NW, LLC, and the General Partner of Invest Northwest, LP, which is a venture capital fund focused on middle market and later-stage companies located in Iowa, Minnesota, Montana, North Dakota, Oregon, South Dakota and Washington.

Mercil is on the Board of Directors of the Angel Capital Association and the National Association of Seed and Venture Funds.

He established Minnesota Investment Network in 1998, which was expanded and reorganized into RAIN Source Capital in 2005. Prior to that, he managed a state-sponsored venture fund for Minnesota Technology, Inc.

He is a pioneer in bringing angel investment opportunities, which have historically been clustered on the coasts, to the Central states and to the often-ignored rural areas of those states. He is currently spearheading efforts to set up regional investment networks of angel investors throughout the United States.

In addition, Mercil often puts his keen understanding of the needs of entrepreneurs and emerging businesses to good use by playing an active role with portfolio companies. He has served as an advisor, a member of the Board of Directors, and even as CEO and CFO for selected companies.

Mercil has a long history of serving as a catalyst for economic development in local communities. As director of economic development for the Crookston (Minn.) Development Authority and president of Crookston Jobs Inc., a private development corporation, he played a key role in attracting new business and helping existing businesses in the community expand in order to create or maintain jobs. He has kept that passion for local impact and personal involvement alive through his work with RAIN Source Capital, knowing that most angel investors prefer to invest in local ventures (no more than 150 miles away), so they can play an active role and monitor their investments.

RAIN Source Capital received the Vision 2000 Model of Excellence Award for Access to Capital from the Small Business Administration, and the Wachovia Excellence in Innovation Award from the National Community Capital Association (now called Opportunity Finance Network).

He has a master’s degree in statistics and measurements and a bachelor’s degree in biology from the University of North Dakota.

Past Sponsors