To better find, connect with and invest in early-stage tech companies in the Midwest, a St. Louis venture capital firm opened a Chicago office.
Cultivation Capital, whose portfolio includes Madison, Wisconsin-based ImageMover MD and Bloomington, Indiana-based Cheddar, announced that it opened a new office in River North on Monday. The outpost will be led by Paul Meier, who recently joined Cultivation Capital as a principal from M25 Group, a Chicago seed stage venture firm. Additionally, Graham Peck, who joined Cultivation as a venture partner in January, will co-lead the new Chicago office.
Cultivation Capital focuses on making early stage investments in tech and life sciences companies in “undercapitalized geographies.” Since its founding in 2012, the firm has invested in more than 100 startups.
The firm’s Chicago expansion announcement comes a week after the VC firm led a $2.5 million funding round for Chicago real estate tech startup Avail. Cultivation Capital has also backed Chicago’s Label Insight, a tech company that helps consumers know all the ingredients in their food.
“Having a physical presence in Chicago will help strengthen our relationships with the entrepreneurial and venture capital ecosystem in the upper Midwest,” said Brian Matthews, the co-founder and general partner of Cultivation Capital, in a statement. “It is a geography where we are seeing both brilliant entrepreneurs and a need for early stage capital.”
Cultivation Capital is just the latest Midwest VC firm to open a Chicago office. Loud Capital opened a Chicago office at 550 W. Washington Blvd. in the West Loop last year. Founded in Columbus in 2015, Loud Capital has backed 28 companies, including Chicago-based internet of things startup Xaptum.
