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RPM Ventures closes USD60m second fund

RPM Ventures, a seed and early-stage venture capital firm, has closed its second venture capital fund, RPM Ventures II.

The firm reached its target goal of USD60m with commitments from a mix of foundations, fund of funds, large family offices, and partners from venture funds.

Building on the success of its first fund, RPM will continue to invest principally in information technology and physical sciences companies from across the country whose primary customer is the Midwest industrial base. It will also continue to target companies based on research at major universities in the Midwest.

"We believe that achieving our fund raising goals despite the economic climate is a result of the entrepreneurial approach RPM has taken in building a national firm that leverages the world-class resources in our own backyard," says Marc Weiser (pictured), co-founder and managing director of RPM Ventures. "Our relationships with the universities and industries in the region, coupled with our connections with venture funds from around the nation, have allowed us to create a firm well positioned for success."

"We are very pleased to be investors in RPM Ventures Fund II through our clients, the Venture Michigan Fund and the Michigan 21st Century Investment Fund," adds Kelly Williams, managing director and co-head of Credit Suisse’s customised fund investment group. "We were thrilled that RPM was able to reach its targeted fund size in a difficult fundraising environment. Marc Weiser and Tony Grover have demonstrated the ability to source attractive investment opportunities within RPM’s stated strategy."

RPM has already made several investments out of the new fund, including Arbor Photonics, next generation fibre lasers for manufacturing; BountyJobs, a marketplace for contingency recruiting; Quantum Learning, casual educational gaming for children; ShareThis, content sharing and discovery; and TetraVitae Bioscience, a developer of biobased chemicals and fuels.

The firm has invested in 23 companies across its two funds. Successful companies from the first fund include Applimation (acquired by Informatica), Entropic, R4 Global Services (acquired by VeriSign), as well as a number of privately held companies.

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