Gateway Capital Partners, the venture firm founded by Dana Guthrie, announced the first closing date for Fund II with a $25 million target earlier this week, the Milwaukee-based firm told TechCrunch. Gateway Capital declined to reveal the exact amount of the initial closing.
The first close means that Fund II can begin investment operations.
Guthrie said the company began raising Fund II in the middle of last year. The average check size for Fund II will be between $500,000 and $600,000.
He said it will be industry agnostic, but will be biased toward “Midwestern industries that are ripe for disruption,” such as supply chain, logistics, and manufacturing AI. Guthrie said he hopes to support at least 20 companies from the fund.
Founded in 2020, Gateway Capital last raised $13 million Fund I in 2020.