Chicago Ventures is in the Twin Cities this week scouting local tech startups to back.
“We’re in diligence right now with our first Minnesota company,” Senior Associate Jason Duboe says, “…and based on what we’re learning about this market, expect more.”
His sentiments echo those previously voiced by peer Chicago firm Lightbank, although it’s not clear if Lightbank has actually done any deals here thus far?
Chicago Ventures consists of a $40m fund formed by partners Stuart Larkins and Kevin Willer, who have already made personal angel investments in multiple Minnesota startups on a more informal and off the record basis.
Duboe explains the Chicago Ventures approach as putting up 250-750k+ with an interest in leading, syndicating and co-investing — based on the circumstances. While Duboe’s experience and focus is on B2B/enterprise, he points to some the 28 startups already in portfolio as indicators of interest.
Prior to Chicago Ventures, Duboe was with Summit Partners, notably the PE firm that just put $30m of capital to work with Minneapolis’ JAMF Software.
“For us, it’s about rolling up the sleeves and getting our hands dirty. We want to be the best possible partner for tech entrepreneurs in the Midwest and beyond who want to gain access to our network,” he says, noting his return Minneapolis on March 7th for the TBA Midwest Capital Call.
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