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Dundee Venture Capital raises USD20m Fund III to back Midwest start-ups

Dundee Venture Capital, an Omaha-based seed-stage investment firm, has raised USD20 million for its Fund III, which will back start-ups in the broader Midwest US.

The capital will be deployed into seed and early-stage investments targeting e-commerce, B2B SaaS and consumer-network focused start-ups. Dundee Venture Capital has made over 30 investments in start-ups to date, with a goal of actively transforming the business landscape of the Midwest through entrepreneurship.
 
With a target capital raise of USD30 million, Fund III will be 65 per cent larger than Dundee’s previous fund. The current fund focuses on consumer and B2B investments and has already closed its first seed investment in Fooji, a real-time fan engagement platform based in Lexington, Kentucky. Dundee plans to lead seed round investments in early-stage start-ups with high-velocity growth potential.
 
Dundee Venture Capital has also formed a partnership with Lakewest Venture Partners to add value and expand Dundee’s current market reach into Chicago. Lakewest co-founder David Mann joins Dundee as part of this alliance, bringing experience, insight and relationships, while fellow Lakewest co-founders Buzz Ruttenberg and Jonathan McCulloch will provide strategic advisory to Fund III.
 
Led by Mark Hasebroock, who founded GiftCertificates.com and Hayneedle Inc (now a part of Walmart), Dundee Venture Capital is dedicated to building and scaling the Midwestern tech economy.
 
“The world is taking notice of the silent wave of creativity and innovation building in the Midwest,” says Hasebroock. “By providing the fuel, inspiration and hands-on experience to help founders move faster, Dundee is supporting start-ups with a vision of becoming transformative, emerging market leaders. We are excited to use Fund III to continue our work as an innovation-driving force in the Midwest.”

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