Milwaukee-area venture capital firm Capital Midwest Fund has closed on the first $41 million in its fourth fund, according to a recent announcement.
Based in Mequon, the firm is targeting $100 million for the fund, which would make it Capital Midwest Fund's largest to date. Its third fund closed at $50 million in 2017.
The firm invests in revenue-generating technology companies in the central U.S. and said it has a "newly invigorated" focus on environmental, social and governance (ESG), and diversity and inclusion.
In the past, the fund has invested in software and Internet of Things (IoT) companies in industries ranging from energy to manufacturing.
Previous investments include Milwaukee's artificial intelligence hiring company Harqen LLC, Chicago-based IoT cellular connectivity platform Hologram and Indiana-based video leasing platform Realync Corp.
Capital Midwest Fund IV is managed by Daniel Einhorn, Alvin Vitangcol and Michael Harper. The firm's other general partner is Daniel's father, Stephen Einhorn.
The firm's first two funds were $38 million in 2010 and $4 million in 2008. It previously said it was aiming to raise $150 million for its fourth fund and $100 million for its third fund.
More than half of the investors in Capital Midwest's new fund are returning investors from its previous funds, but it also includes new institutional investors, the firm said.
A former Capital Midwest Fund general partner, Eli Blee-Goldman, is the co-founder and general partner of Character Capital LLC, a new Milwaukee venture capital firm that recently announced it has raised $30 million for its first fund.
Blee-Goldman co-founded Character along with John Zeratsky and Jake Knapp, former Google Ventures design partners.
