The North Dakota Department of Commerce announced today that Tugboat Solutions, Inc. and Verdethos, Inc. have been approved for a combined total of $255,000 in funding through the state’s Angel Match Program (AMP) for the first quarter of 2025.
The Angel Match Program, designed to support early-stage, high-growth companies, will provide Tugboat Solutions with a $100,000 investment and Verdethos with a $155,000 investment. These investments are aimed at helping these innovative companies expand their operations and continue their work on solving real-world challenges.
“The Angel Match Program is designed to empower entrepreneurs who are tackling real-world challenges with bold ideas,” said Shayden Akason, Deputy Director of Economic Development & Finance and Head of Investments and Innovation at the North Dakota Department of Commerce. “Whether it’s helping consumers navigate complex insurance claims or creating smarter, more transparent supply chains, these companies represent the kind of innovation we’re proud to support in North Dakota.”
Tugboat Solutions, based in North Dakota, will use its $100,000 investment to enhance its service that helps home insurance policyholders successfully appeal wrongfully denied or underpaid insurance claims. The company works to ensure that policyholders are not left without the coverage they deserve when their claims are contested.
Meanwhile, Verdethos, a software solution provider for supply chain logistics and traceability of commodities, will receive $155,000 to assist with working capital. The company’s platform aims to increase transparency and efficiency in the supply chain, benefiting businesses involved in the movement of goods and commodities.
Since its establishment in 2021, the North Dakota Angel Match Program has been instrumental in supporting early-stage businesses across the state, providing matching private investment commitments. Managed by the North Dakota Development Fund, AMP has helped 15 companies secure funding to date.
With the support of the Angel Match Program, both Tugboat Solutions and Verdethos are positioned to continue their innovative work, contributing to the state’s economic development and entrepreneurial ecosystem.
By: DNU staff