Grand Ventures, a Grand Rapids-based venture capital firm, announced the final close on its flagship Fund I, LP at $28 million.
The firm, which focuses on providing emerging companies with early stage capital and strategic support, already has invested in six companies from the fund. It targets the most promising seed and early stage enterprise software as service companies across the Midwest and throughout other emerging geographies.
Grand Ventures expects to invest in a total of 15 to 20 companies over the life of the fund that exhibit proprietary technology and service offerings and will benefit from its talent and advisory board resources.
“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,” says Tim Streit, co-founder and managing partner of 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.”
While ultimately focused on the rapidly growing Midwest markets, Grand Ventures’ advisor network identifies and evaluates opportunities across the country, with the fund already featuring investments on both coasts.
“As the startup revolution continues to mature through penetration in non-coastal markets, many entrepreneurs are seeking more than just capital,” says Streit. “Our advisors 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.”