One of the top venture capital firms in the Midwest has reloaded with a new fund to back more early-stage startups.
High Alpha, an Indianapolis-based VC firm, announced the close of a new $110 million fund this week. It's High Alpha's third fund since launching in 2015.
Over the three funds, High Alpha has raised over $215 million and backed more than 50 companies. Its portfolio includes two "unicorn" startups in SalesLoft and Attentive, both valued at over $1 billion. The firm has also backed Chicago startups like The Mom Project, LogicGate, project 44, G2 and Rheaply.
Rheaply was High Alpha's first investment from its latest fund. High Alpha led the startup's $8 million Series A round last month.
High Alpha's origins are traced back to ExactTarget, an Indianapolis-based software startup that was acquired by Salesforce in 2013 for $2.5 billion. At the time, it was Salesforce's largest-ever acquisition and helped put the Indy tech ecosystem on the map. After the exit, ExactTarget CEO Scott Dorsey co-founded High Alpha, alongside Mike Fitzgerald, Kristian Andersen and Eric Tobias.
High Alpha, which recently opened a new 42,000-square-foot office in Indianapolis’s Bottleworks District, also operates a venture studio that launches new software companies. It's helped start 28 companies since its founding in 2015.
High Alpha's fundraise is one of several Midwest venture funds to raise capital in recent weeks. Chicago Ventures raised a new $63 million fund, Lightbank closed a $180 million fund, and Cleveland Avenue raised $70 million for a new fund that will invest in Chicago's Black and LatinX food entrepreneurs.
