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Gateway Capital Partners, a firm founded by Dana Guthrie, announced the first close of its proposed $25 million Fund II earlier this week, the Milwaukee-based firm told TechCrunch. Gateway Capital declined to share its initial closing price.
The initial closing means Fund II can begin its sales activities.
Gutherie said the company began raising its Fund II in the middle of last year. Fund II check sizes will be between $500,000 and $600,000.
It will be unpopular with the industry, he said, although it will be “biased toward companies in the Midwest that are ready to disrupt,” such as supply chain and logistics, and creating AI. Guthrie said he hopes to support at least 20 companies from the fund.
Gateway Capital, which was founded in 2020, raised $13 million in 2020.
