A Manchester, New Hampshire-based venture capital firm has expanded to Chicago with a new downtown office housing managers for venture capital funds at three Midwest universities.
Alumni Ventures signed a seven-year lease to occupy 4,400 square feet on the 34th floor of 121 W. Wacker Drive, according to David Beazley, managing partner of AV's Northwestern University fund, Purple Arch Ventures. Twelve employees will work in the Chicago office.
“The Chicago offices are housing the investing teams for AV’s Alumni Funds for the communities of Northwestern, the University of Chicago and the University of Wisconsin,” Beazley told the Chicago Business Journal. “The central location allows AV teams to not only network with entrepreneurs and fellow VCs, but also interact with affiliated fund investors and school ecosystems.”
He added this is the firm’s sixth office and has raised $900 million in total capital from 7,500 investors.
“This investment is a reflection of AV’s conviction for the rich venture opportunities in the region and our focus on creating venture funds linked to top entrepreneurial alumni communities,” added Beazley. “Chicago is a key venture hub, with attractive investment opportunities and venture networks. The Chicago-area schools are a vital part of the entrepreneurial scene.”
Alumni Ventures' fund for the UW-Madison community is Bascom Ventures, which is led by founder and managing director Greg Baker. Baker also runs Towerview Ventures and has made more than 100 investments as a member of Alumni Ventures. These investments include: American Gene Technologies, SHINE Medical Technologies, Cultured Decadence, Mission Bio, Axiom Space and Matchwell.
