The number of venture capital firms has increased significantly in recent years. However, establishing a new venture brand outside of established technology centers such as Silicon Valley, New York, or Boston proved considerably more challenging just a decade ago.

Ludlow Ventures is one organization that has successfully navigated this landscape. This Detroit-based seed-stage venture firm, founded 11 years ago, is currently finalizing its fourth fund, with $65 million in committed capital as indicated in recent SEC filings.

Jonathon Triest, the firm’s founder, has been contacted for comment but declined to respond, referencing SEC regulations.

Triest initially developed Ludlow while in his twenties, following a role as a strategic marketing consultant for Sony-BMG in Atlanta. He returned to Detroit with his wife to be near family and, beginning with support from his father, an attorney, he started making investments in startups on a case-by-case basis. He leveraged his Detroit location to demonstrate to investors and founders his ability to build and utilize a strong network.

Triest quickly attracted investment, including from notable figures such as Dan Gilbert, the founder of Quicken Loans and owner of the Cleveland Cavaliers (Ludlow has maintained an office alongside Gilbert’s venture firm). The firm has also steadily gained institutional backing from organizations like Vintage Investment Partners, Grinnell College, and Foundry Group.

A key aspect of Ludlow’s appeal appears to be the unique viewpoint its team offers in the various locations where it now invests. Initially viewed as a regional firm, Ludlow rapidly expanded its investment scope to encompass startups across the United States.

Last month, the firm participated in a $2 million seed funding round for Umba, a digital bank for emerging markets based in Lagos, Nigeria and operating for 2.5 years. In recent months, Ludlow has also made both new and follow-on investments in Welcome, a New York-based HR software startup established 1.5 years ago; Boulevard, a Los Angeles-based platform for spa management and payments that has been operating for four years; and Lightyear, a New York-based company founded 16 months ago focused on simplifying the procurement of networking infrastructure for large organizations.

Ludlow’s investment performance, including its successful exits, is undoubtedly closely monitored by its investors. Notable successes include Honey, a Los Angeles-based coupon platform acquired by PayPal for $4 billion in late 2019. The firm also held stakes in Flywheel, an Omaha-based WordPress hosting and management provider sold to WordPress for $150 million in 2019; Gather, an Atlanta-based event management software company acquired by Vista Equity Partners for a reported $55 million; and Product Hunt, a San Francisco-based platform sold to AngelList for a reported $20 million in 2016.

As with all investment firms, Ludlow has experienced investment write-downs. For instance, Navdy, a company specializing in heads-up automotive displays, ceased operations in 2017.

Despite this, Ludlow continues to hold investments in a number of rapidly expanding startups. This includes Notarize, a Boston-based online notary platform that has raised over $80 million and experienced significant growth due to the pandemic and the increase in remote work. The company has been operating for almost six years.

The firm was also an early investor in 100 Thieves, a Los Angeles-based e-sports and lifestyle brand that secured $35 million in Series B funding in late 2019, resulting in a post-money valuation of $160 million. (Gilbert, along with music manager Scooter Braun and Drake, are among the company’s owners.)

In 2018, Triest also appears to have contributed to the Series B funding round of StockX, a Detroit-based resale marketplace that was recently valued at $2.8 billion by its latest investors.

Ludlow’s leadership team includes Triest, partner Brett deMarrais, who joined the firm in 2012, and partner Blake Robbins, who began with the firm in 2016 as an associate and was promoted to partner in 2019.

The firm’s third fund, totaling $45 million, was closed in 2019. Its second fund, announced in 2017, also reached $45 million. Ludlow’s initial fund, closed in 2014, amounted to $15.5 million.

Illustration above courtesy of Ludlow Ventures, featuring, from left to right, Triest, deMarrais and Robbins.