Gateway Capital Partners, the Milwaukee-based venture firm founded by Dana Guthrie, has announced the first close of its second fund, which is targeting $25 million. The firm confirmed the development to TechCrunch this week, though it declined to disclose the exact amount raised in this initial close.
The first close enables Fund II to commence its investment activities. Guthrie stated that fundraising for the new fund began in the middle of last year.
Investment Strategy and Focus
Fund II will maintain an industry-agnostic approach but will have “a bias toward Midwest industries that are ripe for disruption,” Guthrie explained. Sectors of particular interest include supply chain and logistics, and manufacturing AI.
The firm plans to write cheques averaging between $500,000 and $600,000 and aims to back at least 20 companies from this fund.
Firm Background
Gateway Capital was launched in 2020. Its inaugural fund, Fund I, raised $13 million in the same year, establishing the firm's presence in the venture capital landscape.
The announcement underscores a continued focus on venture investment within the American Midwest, targeting foundational industries undergoing technological transformation.