RPM Ventures, an Ann Arbor, Michigan-based seed and early-stage venture capital firm, closed its second venture capital fund, RPM Ventures II, L.P.
The firm reached its target goal of $60m with commitments from foundations, fund of funds, large family offices, and partners from top venture funds.
RPM Ventures II aims to invest in information technology and physical sciences companies from across the country whose primary customer is the Midwest industrial base. It will also target companies based on research at major universities in the Midwest.
The fund has already made investments in Arbor Photonics (Ann Arbor, MI), a provider of next generation fiber lasers for manufacturing; BountyJobs (New York), a marketplace for contingency recruiting; Quantum Learning (Ann Arbor, MI), a global education organization; ShareThis (Mountain View, CA), a content sharing and discovery platform; and TetraVitae Bioscience (Chicago), a developer of biobased chemicals and fuels.