Columbus, Ohio-based venture firm Drive Capital debuted a new seed-stage program armed with $80M in capital.
The firm will invest in startups that are still in "driveway" across five tech hubs, namely Chicago, Atlanta, Columbus, Denver, and Toronto. Individual check sizes in pre-seed and seed rounds will be $500,000.
- Drive earmarked capital toward the new initiative from the $1B it raised in July 2022.
- The firm now has over $2.2B worth of assets under management (AUM).
- Per Pitchbook, venture funding deployment "hardly receded" in the 30 states that Drive Capital invests in despite VC dealmaking slowing by 31% across the U.S.
- Drive Capital's co-founder Mark Kvamme split up from the VC firm to establish his own $500M impact fund dubbed Ohio Fund in late November last year.
