The Midwest has its latest $100 million venture capital fund.
Chicago's Hyde Park Venture Partners announced Wednesday that it closed its third VC fund at $100 million, exceeding its target by $25 million.
The firm, which launched in 2011, previously raised $25 million for its first fund and $65 million for fund two. Its startup bets include Chicago companies like G2, FourKites, ShipBob and 2ndKitchen. It also backed Ahology, which was acquired by Quotient Technology for $50 million; Food Genius, which was bought by US Foods; and Base CRM, which was acquired by Zendesk.
HPVP said its portfolio companies have raised more than $730 million in follow-on investments.
“In 2012, we set out to fuel high-growth startups and entrepreneurs, not only with capital but also by introducing top talent and guiding companies toward high-quality follow-on capital," HPVP Partner Guy Turner said in a statement. "Fund III proves our approach is working. We see so much opportunity in the mid-continent and with the support of our limited partners, we are charging forward.”
HPVP's latest fund makes it one of only a handful of Midwest venture funds to hit the $100 million mark. Some local firms to raise at least that much include Chicago-based 7Wire Ventures, a healthcare-focused VC firm led by Glen Tullman, which raised a $100 million fund in 2018; S2G Ventures, led by OpenTable founder Chuck Templeton, which raised $180 million in 2017; Eric Lefkofsky and Brad Keywell's firm Lightbank which raised a $200 million fund in 2011; and Valor Equity, a fund led by Antonio Gracias that's backed Tesla and SpaceX, which raised more than $1 billion last year for its fourth fund.
Outside of Chicago, other Midwest funds topping $100 million include Columbus-based Drive Capital's recent $350 million fundraise and the $100 million Wisconn Valley Venture Fund in Milwaukee.
