Dundee Venture Capital Fund III raises $20 mln

Dundee Venture Capital said Sept. 20 that it raised $20 million for its third fund. Dundee Fund III will invest in seed and early-stage investments targeting e-commerce, B2B SaaS and consumer-network focused startups. Fund III will target startups located in the broader Midwest region including Denver, Omaha, Lincoln, Kansas City, Madison, Minneapolis, Indianapolis, St. Louis and Chicago.

PRESS RELEASE

OMAHA, Neb.–(BUSINESS WIRE)–Dundee Venture Capital, an Omaha-based seed-stage investment firm, today announced the firm has raised $20M for its Fund III. The capital will be deployed into seed and early-stage investments targeting e-commerce, B2B SaaS and consumer-network focused startups. Dundee Venture Capital has made over 30 investments in startups to date, with a goal of actively transforming the business landscape of the Midwest through entrepreneurship.

With a target capital raise of $30M, Fund III will be 65 percent larger than Dundee’s previous fund. The current fund focuses on consumer and B2B investments and has already closed its first seed investment in Fooji, a real-time fan engagement platform based in Lexington, Kentucky. Dundee plans to lead seed round investments in early-stage startups with high-velocity growth potential.
Dundee Venture Capital is also announcing its strategic partnership with Lakewest Venture Partners to add value and expand Dundee’s current market reach into Chicago. Lakewest co-founder David Mann joins Dundee as part of this alliance, bringing experience, insight and relationships, while fellow Lakewest co-founders Buzz Ruttenberg and Jonathan McCulloch will provide strategic advisory to Fund III.
Fund III Midwestern Geographic Focus
Led by Mark Hasebroock, who founded GiftCertificates.com and Hayneedle Inc. (now a part of Walmart), Dundee Venture Capital is dedicated to building and scaling the Midwestern tech economy.
Capital from Fund III will be primarily invested in startups located in the broader Midwest region including Denver, Omaha, Lincoln, Kansas City, Madison, Minneapolis, Indianapolis, St. Louis and Chicago. As part of its broader expansion, David Mann and his Lakewest co-founders will now run Dundee’s office in Chicago. Together, the two companies will continue to cultivate a new innovation ecosystem in the middle of the country and their combined AUM will deploy to a broader set of investments in Chicago and throughout the greater Midwest.
Current Investments & Exits
Dundee’s current portfolio includes over 30 startups including Phone2Action, Fooji, mySidewalk, Built In, Inventables and Bulu Box. The firm’s three exits to-date include InfoChimps (acquired by CSC), DonorPath (acquired by Network for Good) and Cosmic Cart (acquired by POPSUGAR). Lakewest Venture Partners has made 27 investments (22 of which are in Chicago) and its exits to-date include Food Genius (acquired by U.S. Foods).
Statements on Fund III from Dundee Venture Capital
“The world is taking notice of the silent wave of creativity and innovation building in the Midwest,” said Mark Hasebroock, Founder of Dundee Venture Capital. “By providing the fuel, inspiration and hands-on experience to help founders move faster, Dundee is supporting startups with a vision of becoming transformative, emerging market leaders. We are excited to use Fund III to continue our work as an innovation-driving force in the Midwest.”
“Lakewest has strong roots in the Chicago startup ecosystem, and by partnering with Dundee, we’re broadening our combined access to many exceptional deals here,” said David Mann, Principal at Lakewest Venture Partners and Partner at Dundee Venture Capital. “We have a similar ideology in valuing the quality of entrepreneurs, requiring proof of concept before funding, and seeking ideas that challenge the status quo. We believe Dundee Venture Capital will emerge as a significant contributor in aligning best-of-breed startup talent with the resources to empower dynamic startups emerging from the middle of the U.S.”
About Dundee Venture Capital
Dundee Venture Capital invests in high-growth, early-stage technology companies in the Midwest. With a focus on passionate and dynamic entrepreneurs, Dundee VC provides the capital and the connections to founding teams across industries with specific attention to e-commerce, B2B SaaS and consumer networks. Learn more by visiting: dundeeventurecapital.com or follow us on Twitter: @dundeevc.