Drive Capital Raises $1 Billion to Fund Midwestern Startups
- Ohio-based firm looks for startups between the coasts
- Firm has had multiple exits including Duolingo, Root Insurance
A U.S. 127 route marker in Van Wert, Ohio
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Drive Capital has amassed $1 billion in new venture funds, giving the Columbus, Ohio-based firm over $2 billion in assets under management to invest outside of Silicon Valley.
“Most of America’s GDP is outside of California,” said co-founder Chris Olsen. He sees promising founders in the middle of the country who will succeed if they get the capital to fuel their businesses, he said.