US investment firm Capital Midwest Fund is preparing to launch its third technology and healthcare fund with a $100m target.
The new fund will target Midwest, where early-stage capital is scarce, according to Dow Jones.
The report noted that venture investment in the region dropped to $1.3bn in 2013 from $1.5bn in the previous year and $1.9bn in 2011.
Other US Midwest-focused funds include Drive Capital’s Fund I, which has recently held a final close on $250m.
Drive is led by former Sequoia Capital partner and LinkedIn director Mark Kvamme and his former colleague at Sequoia Chris Olsen, who noted that Midwest-based entrepreneurs have been “forced to relocate to the coasts to access the majority of venture dollars.”
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