Welcome!

News Feed Item

Drive Capital Closes Inaugural $250 Million Venture Capital Fund to Invest in Midwest Entrepreneurs

COLUMBUS, OH--(Marketwired - February 04, 2014) - Drive Capital today announced the closing of Drive Capital Fund I to invest in early and growth-stage companies across the Midwest. The firm will partner with founders creating products that solve problems in the technology, healthcare and consumer industries.

The startup firm was founded by Mark Kvamme and Chris Olsen. Experienced entrepreneurs and investors, they decided to leave Silicon Valley to pursue their investment strategy in the underserved Midwest region. 

"We see a tremendous set of entrepreneurs in the Midwest. Historically, they've been forced to relocate to the coasts to access the majority of venture dollars," said Olsen. "By partnering with Drive Capital, entrepreneurs can build their companies in the Midwest, closer to their customers and talent base."

The Midwest offers structural advantages that will drive innovation and a thriving startup ecosystem for the next several decades. For example, the Midwest is currently one of the most cost-effective places in the world to build businesses. It also offers: Existing industry (22% of the US GDP is based in the Midwest); innovation (more than 25% of all research in the United States is done in the Midwest); and access to talent (150 of the Fortune 500 are in the region).

"When I first came to the Midwest I had no idea of the depth and breadth of technological innovation in the region," explained Kvamme. "We started Drive Capital to partner with these innovators to give them the tools, connections and capital they need to accomplish their dreams here. We believe the Midwest is the best place on earth to build your company -- period." 

The firm previously announced investments in four Midwest companies:

  • Channel IQ: Drawing on decades of experience in channel management, distribution, online retail and manufacturing, the Channel IQ team realized there had to be a better way to collect and analyze information. So, they set out to create a SaaS product to scour the web, collecting much-needed online retail intelligence. Today, the data is used by leading retailers, distributors and manufacturers to inform decision-making.
  • CrossChx: One of the CrossChx founders had a close friend battle prescription drug abuse. This addiction drove his friend's family apart and strained the entire community. Today, Sean Lane and Brad Mascho have created a biometric solution to solve this problem. By scanning a patient's finger, CrossChx instantly verifies a patient's medical identity and links that person to their medical benefits so no one else can use them. Based in Columbus, Ohio, CrossChx enables a nationwide health information exchange, prevents fraud, improves healthcare and reduces costs.
  • FarmLogs: Growing up in a farming family, Jesse Volmar wanted to help his family leverage technology to make farming more efficient and profitable. The Y Combinator alum created FarmLogs and relocated to Ann Arbor, Mich., to be closer to the farmers at the core of the business. Today, FarmLogs makes farming smarter, offering an online destination to store and track crop details. Already, 10,000 farmers use this information to increase crop yields by as much as 30 percent.
  • Roadtrippers: As a youngster growing up in Great Britain, James Fisher completed several road trips across Africa with his father. When he visited the US, he always wondered why planning a road trip was so difficult. Why do you need multiple websites, printed materials and mobile tools just to explore the open road? Along with co-founder Tatiana Parent, James went to the Brandery in Cincinnati to solve this conundrum. Now, Roadtrippers' web and mobile applications help millions of road warriors plot their next trip and discover the coolest places in America.

About Drive Capital:  Drive Capital invests in innovative technology, healthcare and consumer companies in the Midwest. We are looking for innovative entrepreneurs addressing big market opportunities. Our goal is to partner with entrepreneurs that have audacious goals and strive to build large sustainable companies. For more information, visit www.DriveCapital.com.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
Peak 10, Inc., has announced the implementation of IT service management, a business process alignment initiative based on the widely adopted Information Technology Infrastructure Library (ITIL) framework. The implementation of IT service management enhances Peak 10’s current service-minded approach to IT delivery by propelling the company to deliver higher levels of personalized and prompt service. The majority of Peak 10’s operations employees have been trained and certified in the ITIL frame...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...