Drive Capital, a venture capital firm based in Columbus, Ohio, has raised a $350 million fund to invest in Midwestern startups.
The firm’s founders came from venture capital powerhouse Sequoia Capital and moved to find new opportunities.
While most U.S. venture capital investment ends up in California, about three-quarters of Drive Capital’s portfolio companies have headquarters in the Midwest.
Click here for more BI Prime stories.
Drive Capital, a venture capital firm founded by Sequoia Capital alums and focused on investing in the Midwest, has raised a third fund to inject millions into the country’s unlikely startup hub in the heartland.
Regulatory filings show the Columbus, Ohio, firm has closed $350 million for a third fund putting money into early-stage startups. It’s raised another $284 million for a growth fund called OverDrive I. Crunchbase News and PitchBook first reported on the fundraise.
A spokesman for Drive Capital declined to comment on record because the firm hasn’t closed its later-stage fund.
The firm’s founders are a pair of Silicon Valley transplants who went searching for the best companies in the last place most investors look. Drive Capital has backed three dozen startups, according to PitchBook data, and about three-quarters of them have Midwestern headquarters. By …read more
Source:: Businessinsider – Technology