Drive Capital raises $650M in 2 new VC funds for $1.2B under management

Drive Capital LLC has closed two new funds totaling $650 million, one targeting early startups and the other to spur growth in more mature companies throughout the Midwest.

In the past year the Columbus venture capital firm doubled to $1.2 billion under management, by far the largest of any tech-focused investment firm in the state.

Drive closed on its $350 million Fund III in November, and the $301 million Overdrive Fund as of Monday. A regulatory filing showed a top goal of $400 million for Overdrive, but a spokesman said the fund is closed and no longer raising money.

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Story excerpt provided by Columbus Business First.

Written by Carrie Ghose.

Originally published January 13, 2020.

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