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US Midwest-focused Drive Capital raises $250m for maiden fund

4 Feb 2014

dollar_money_currency_170sq1Venture capital firm Drive Capital has raised $250m to invest in technology, healthcare and consumer companies in the Midwest.

The Columbus, Ohio-based firm has now held a final close for its debut fund, Drive Capital Fund I, it said in a statement.

In August last year a regulatory filing showed that Drive was targeting $300m and had raised $181m from 14 LPs.

Drive is led by former Sequoia Capital partner and LinkedIn director Mark Kvamme and his former colleague at Sequoia Chris Olsen.

Kvamme said, “When I first came to the Midwest I had no idea of the depth and breadth of technological innovation in the region.

“We started Drive Capital to partner with these innovators to give them the tools, connections and capital they need to accomplish their dreams here. We believe the Midwest is the best place on earth to build your company — period.”

Oldsen said that Midwest-based entrepreneurs have been “forced to relocate to the coasts to access the majority of venture dollars.”

The firm noted that than 25 per cent of all research in the US is done in the Midwest, which is also one of the most cost-effective places in the world to build businesses.

It has so far invested in four companies including healthcare technology company CrossChx and online retail intelligence company Channel IQ.

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