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Laxman Pai, Opalesque Asia: Multi-strategy venture capital firm Drive Capital has amassed $1 billion in two new venture funds, to fund Midwestern startups.
With the new funds, Drive has $2.2 billion in assets under management to support founders from pre-seed to IPO, said a press release from the Columbus, Ohio-based private investment firm.
It invests in market-defining startups located in the "Driveway", the underinvested region in North America between the Hudson River and the Rocky Mountains. The additional $1 billion further supports the "Driveway" thesis of democratizing access to venture capital.
"Technology used to be its own industry based in Silicon Valley but now, technology cuts horizontally through every business and industry. There are more billion-dollar opportunities east of the Rockies and west of the Hudson River than everywhere else in North America combined," said the release.
Drive was founded in Columbus, Ohio in 2013 with the simple yet radical idea: Founders should build where they're strongest. That is, they should be near their customers and where the pool of engineering and industry talent is deep and experienced.
"Even before COVID-19, the venture industry was coming around to the fact that not all great startup ideas were in Silicon Valley," said Chris Olsen, Co-Founder, and Partner at Drive Capital. "But too often that meant firms would pursue opportunities in emerging markets in China, India, or elsewhere."
"But Ame...................... To view our full article Click here
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