Drive Capital Closes Significant Inaugural FundAnnouncements — By Susan Post on February 25, 2014 at 8:00 am
Local venture capital firm, Drive Capital recently closed a $250 million inaugural fund, an amount significantly higher than the $40 to $60 million funds typically seen in the Midwest.
“We really felt we needed a Silicon Valley style fund,” says C0-Founder Mark Kvamme. The fund will allow for larger investments per company, but it’s not just about amounts. The goal is to invest in companies that will grow to produce returns for investors.
Drive Capital has already invested in five companies, with interest in adding more world-class talent to their portfolio. The company focuses their investments on technology, technology enabled services, healthcare IT and healthcare services.
“We’re actively out there looking for great companies that will flourish and return to our investors,” Kvamme says. ”If you have great returns for your investors, they want to invest again.”
Drive Capital is eager to see both companies and venture capitalists grow within in the Midwest.
“We would love to have other vc’s grow and prosper in the region,” Kvamme says. More firms means more partners with which to trade.
Building companies in the Midwest is engrained in Drive Capital’s mission.
“When I came to Columbus and started seeing all the great companies in Ohio, in the region – I saw world-class companies and I said ‘Why isn’t there any venture capital here?’,” Kvamme says. Drive Capital is trying to provide the same opportunities to companies in the Midwest that startups in hubs like Silicon Valley experience.
For more information, visit drivecapital.com.