Gateway Capital Partners, the venture firm founded by Dana Guthrie, announced the first closing for its $25 million Target Fund II earlier this week, the Milwaukee-based firm told TechCrunch. Gateway Capital previously declined to share the exact amount of the closing.
The earlier closing means that Fund II can begin its investment operations.
Gutherie said the company began raising its Fund II in the middle of last year. The average check size for Fund II will be between $500,000 and $600,000.
It will be industry-agnostic, he said, though it will have “a bias toward Midwest industries that are ripe for disruption,” such as supply chain and logistics, and manufacturing AI. Guthrie said he expects the fund to help at least 20 companies.
Gateway Capital, which launched in 2020, last raised a $13 million Fund I in 2020.
