A Grand Rapids venture capital firm has closed its $28 million, Midwest-focused “flagship” fund.
Grand Ventures said today it has closed Fund I after raising $28 million.
The firm, which already has invested in six companies from the fund, is targeting “seed and early-stage Enterprise SaaS (software as a service) companies” mainly across the Midwest.
Grand Ventures expects to invest in a total of 15-20 companies that exhibit “proprietary technology and service offerings” over the life of the fund.
“We continue to differentiate our firm by focusing the majority of our deal-sourcing efforts on the greater Midwest with portfolio companies in Ann Arbor, Chicago, Cincinnati and Indianapolis,” said Tim Streit, co-founder and managing partner, Grand Ventures.
“We’ve discovered that Midwest companies in particular have tapped into their entrepreneurial roots, creating unprecedented opportunity for early-stage investors with an abundance of talented entrepreneurs seeking the right support.”
Grand Ventures’ adviser network also identifies and evaluates opportunities across the country and has invested in ventures on both coasts.
“Many entrepreneurs are seeking more than just capital,” Streit said. “Our advisers are actively involved in all aspects of the fund, from deal-sourcing and due diligence to CEO mentorship, business development support and board roles. Our ultimate goal is to supercharge the growth of companies through early-stage investments, as well as to create value with proven advice and counsel.”
Grand Ventures executes on its “capital-plus” approach through its adviser network of more than 50 executives from a global and diverse range of industries.
Fund advisers include top executives from companies such as Hagerty, helmed by Grand Ventures co-founder McKeel Hagerty, as well as Founders Brewing, U.S. Robotics, Lean Logistics and iEducation Group.