Midwest Fund Expands to New Market

A New Venture Fund Focuses on Midwest Startups

A novel investment fund is being launched across cities in the Midwest, spearheaded by individuals well-known within the local entrepreneurial ecosystems. Appropriately titled the Midwest Fund, it concentrates on early-stage startups spanning from Pittsburgh to Chicago, Detroit to Cincinnati, and all locations in between.

Funding Model and Origins

This fund distinguishes itself from conventional venture capital firms by sourcing its capital from accomplished entrepreneurs seeking avenues to reinvest within their respective regions.

The Midwest Fund originated from The Fund, a venture capital group based in New York City. Established in 2018 by Jenny Fielding, Scott Hartley, Katie Hunt, Adam Carver, and Matthew Brimer, The Fund has expanded to include micro-funds in Los Angeles, London, and the Boulder/Denver metropolitan area.

Each expansion strategically incorporates local founders and investors to lead operations within their specific regions.

Leadership and Diversity

The founding general partners of the Midwest Fund are prominent figures throughout the Midwest. This includes Ted Serbinski and Tops Kataria from Detroit, Chris Bergman of Cincinnati, Lynsie Campbell from Pittsburgh, and Jennifer Fried representing Chicago.

Mirroring the approach of The Fund, the Midwest Fund prioritizes gender diversity, ensuring equal representation on its investment committees.

Commitment to Balanced Investing

“The Fund has consistently aimed for equal gender representation on the investment committee,” stated Ted Serbinski, a General Partner at The Midwest Fund. “We believe this composition, rather than a strict requirement, fosters more equitable investment decisions.”

Over the past three years and across other geographic locations, The Fund has invested in over 40% of companies led by female founders. The expectation is that similar results will be achieved in the Midwest, furthering this important objective.

The Midwest as a Startup Hub

The Midwest has a long and established history as a breeding ground for significant industries and innovative startups, with new ventures emerging continuously. Approximately eight years ago, Ted Serbinski, while at Detroit Venture Partners, identified the region as a valuable resource, likening it to a diamond with key cities forming its points.

Now, as part of The Midwest Fund, he is positioned to provide seed-stage funding to promising young companies.

Fund Activity and Speed

Serbinski explained to TechCrunch that this fund’s defining characteristic is its rapid deployment of capital. The intention is to invest in two Midwest-based companies each month for a period of two years, potentially making it the most active fund in the region.

Local Limited Partners

The Midwest Fund’s limited partners are drawn from the local communities it serves. These include Amanda Lannert, CEO of Jellyvision (Chicago), Patrick Colletti, founder of Net Health (Pittsburgh), and Charlie Key, founder of Losant (Cincinnati).

Across all six funds managed by The Fund, notable limited partners also include representatives from Zillow, ClassPass, Soundcloud, Casper, Quartz, and InVision.