A Chicago venture capital firm has closed its newest fund as the city's startup and tech scene hopes to get back to the highs of 2021.
Health care-focused VC firm 7wireVentures announced it raised $217 million for its latest fund. The new fund follows a $150 million fund that 7wireVentures raised in 2021 and a $100 million fund the firm raised in 2018, bringing its assets under management to more than $500 million.
The firm is led by serial entrepreneurs Glen Tullman and Lee Shapiro, who started 7wireVentures more than a decade ago, building its portfolio of more than 20 companies.
The newest fund will invest in consumer-first, tech-enabled health care solutions and support "high-potential companies" from the firm's existing portfolio heading for later stages of funding. The fund will also invest in Series B and C companies.
"After nearly a decade of success, we are now prepared to double down on some of our fastest-growing and most impactful companies while we continue to widen our aperture to exceptional later growth-stage opportunities across the industry," Tullman said in a statement.
The firm and has already completed three investments out of the new fund, dubbed the GO Fund, including current portfolio company NOCD, Folx Health and Parsley Health.
The firm also added two new operating partners: Tom Richards, previously senior vice president and global lead of strategy and business development at The Cigna Group, and Dan Michelson, previously CEO of Strata Decision Technology.
