Underserved areas are becoming hot, hot, hot, from the standpoint of venture capitalists and their own backers.
In October, Steve Case’s Revolution announced that a second Rise of the Rest Seed Fund had closed with $150 million in commitments. In November, Drive Capital, a Columbus, Ohio-based venture firm that was started by two former Sequoia Capital partners and focuses on largely Midwestern startups, revealed in SEC filings that it had raised a fresh $350 million in capital commitments across two funds. Meanwhile, last month, Hyde Park Venture Partners, a Chicago-based early-stage venture firm that’s focused on the “mid-continent,” announced on Medium that it had closed its third fund with $100 million.
Story excerpt provided by TechCrunch.
Written by Connie Loizos.
Originally published January 9, 2020.