Gateway Capital announces first close of $25M Fund II: venture
Gateway Capital, founded by Dana Guthrie, has completed the first close of its $25 million target Fund II, enabling immediate investment operations. The Milwaukee-based firm plans to back at least 20 Midwest-focused companies with average checks between $500,000 and $600,000, targeting sectors like supply chain, logistics, and manufacturing AI.
Milwaukee, WI — Gateway Capital Partners, the burgeoning venture capital firm founded by Dana Guthrie, has officially announced the successful first close of its second investment vehicle, Fund II, which targets an ambitious $25 million. This pivotal development, confirmed by the Milwaukee-based firm to TechCrunch, means that Fund II is now fully operational and ready to commence its investment activities. The fundraising initiative for this new fund began just mid-last year, underscoring the rapid momentum Gateway Capital has generated in the venture landscape.
The firm opted not to disclose the precise amount secured in this initial closing phase. However, the first close signifies that Gateway Capital possesses sufficient capital to begin deploying investments into promising startups. Fund II is strategically designed to provide average check sizes ranging from $500,000 to $600,000. This increased allocation per company, compared to their previous fund, empowers Gateway Capital to offer more substantial support to early-stage ventures, fostering deeper partnerships and accelerating growth trajectories.
Under the leadership of Dana Guthrie, Fund II will maintain an overarching industry-agnostic investment strategy. Nevertheless, it will exhibit a pronounced bias towards industries within the Midwest region that are particularly ripe for transformative disruption. Key sectors of focus include the complex yet crucial domains of supply chain and logistics, as well as the rapidly evolving field of manufacturing AI. Guthrie has articulated a clear objective to back at least 20 companies through this fund, aiming to build a diverse and impactful portfolio that addresses pressing market needs and leverages regional strengths.
Gateway Capital was established in 2020, making a significant entry into the venture capital ecosystem. Its inaugural fund, Fund I, successfully closed at $13 million within the same year of its launch. The remarkable nearly doubling of the target fund size from Fund I to Fund II in such a short span of time highlights the firm's impressive growth, its ability to attract substantial limited partner commitments, and the increasing recognition of its strategic investment philosophy. This expansion signals a robust vote of confidence from investors in Gateway Capital’s vision and execution.
This latest fund close is particularly significant for the Midwest startup ecosystem, often overlooked by venture capital flowing primarily into coastal tech hubs. Gateway Capital's dedicated focus on regional innovation ensures that promising startups in the heartland receive essential funding and strategic guidance. By investing in foundational sectors like logistics and manufacturing, coupled with cutting-edge AI, the firm is not just deploying capital but actively contributing to the technological advancement and economic resilience of the Midwest. It underscores a broader trend of decentralized tech growth.
The immediate implication of this first close is that the search for Fund II's portfolio companies can now officially begin. Gateway Capital is poised for a period of intense activity, identifying and partnering with entrepreneurs who are building the next generation of disruptive companies in its target sectors. The successful initial fundraising positions Dana Guthrie and her team to make a lasting impact, driving both financial returns for its limited partners and fostering a thriving environment for innovation across the region. The venture community will be watching closely as Gateway Capital deploys its newly acquired capital.
FAQ
Q: What is the target size for Gateway Capital's new Fund II?
A: Gateway Capital is aiming to raise a total of $25 million for its second fund.
Q: What specific industries will Fund II prioritize for investment?
A: While generally industry-agnostic, Fund II will have a bias towards Midwest industries ripe for disruption, specifically supply chain and logistics, and manufacturing AI.
Q: How does Fund II's target size compare to Gateway Capital's previous fund?
A: Fund II's target of $25 million represents a significant increase from Gateway Capital's inaugural Fund I, which closed at $13 million in 2020.
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