Venture capital firm Stonehenge Growth Equity Partners has held a $40m first close for its first fund since spinning out of finance company Stonehenge Capital.
The capital came predominantly from institutional investors and high net worth individuals according to the firm, which is based in Tampa, Florida.
Stonehenge says it is one of only three firms headquartered in Florida managing an SBIC-licensed fund, which received US Government support in return for a focus on qualifying small business investments.
The firm plans to target technology-enabled businesses in the southeastern US generating revenues of at least $3m.
It looks to make equity investments of between $1m and $5m in each portfolio company according to a statement.
Stonehenge is managed by experienced venture capitalist Steve Lux and operating executive Brian Model, with Travis Milks the third partner.
Lux said, “We have been encouraged by the support we have received from our investors.
“Stonehenge Growth Equity Partners seeks to invest in companies who are leaders in their industry and demonstrate high growth potential.
“We have a long and successful track record of becoming deeply involved with our portfolio companies to help them grow in the most effective way, and are very excited about the investment opportunities that we see in the southeast today.
“We anticipate holding the final close of the fund within the next six to eight months.”
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