A new investment fund is coming to Midwest cities, and it’s lead by names familiar to the local scenes. The aptly-named Midwest Fund targets early-stage startups from Pittsburgh to Chicago, from Detroit to Cincinnati, and everywhere in between. Unlike traditional venture capital funds, this one gets its funding from successful entrepreneurs looking for ways to reinvest in their regions.
The Midwest Fund was born from The Fund, an NYC-based venture capital group. Founded in 2018 by an all-star cast of Jenny Fielding, Scott Hartley, Katie Hunt, Adam Carver and Matthew Brimer, The Fund has since expanded with micro-funds in Los Angeles, London and the Boulder/Denver region. And with each expansion, local founders and investors are tapped to lead each region.
The Midwest Fund’s founding general partners are familiar names to the Midwest. They include Ted Serbinski and Tops Kataria of Detroit, Chris Bergman of Cincinnati, Lynsie Campbell of Pittsburgh and Jennifer Fried of Chicago. With this diverse team, The Midwest Fund follows the example set out by The Fund of having equal gender representation on investment committees.
“The Fund has always set out to have equal gender representation on the investment committee,” said Ted Serbinski, a GP at The Midwest Fund, “and believed that this composition, not an explicit mandate, would lead to more balanced investing. Three years in and across the other geographies, The Fund has invested in over 40% female founders. We think the same will be true in The Midwest, and we’re excited to advance this mission.”
The Midwest territory has for quite some time been a foundry of outstanding ventures and new businesses, with more springing up consistently. Almost eight years prior, Serbinki, at that point an accomplice at Detroit Venture Partners, planned this region, considering it a jewel with key urban areas at each point. Presently with The Midwest Fund, he’s important for a group prepared to compose seed-stage checks to youthful organizations.
Serbinski reveals to TechCrunch this asset is remarkable to this region in light of its speed. He discloses the asset expects to put resources into two Midwest organizations a month for a very long time, which he accepts would make it the most dynamic in the district.
The Midwest Fund’s restricted accomplices come from the neighborhoods which the asset works, including Chicago’s Amanda Lannert, CEO of Jellyvision; Pittsburgh’s Patrick Colletti, originator of Net Health; and Cincinnati’s Charlie Key, author of Losant. Across each of the six assets ran by The Fund, eminent LPs come from Zillow, ClassPass, Soundcloud, Casper, Quartz and InVision.