Independence Equity Management Launches Venture Capital Fund

Independence Equity Management LLC has held the first close of a venture capital fund that will invest in early-stage companies commercializing technologies that improve resource utilization.
Independence Equity I LP, which will begin making investments this year, expects to hold a second close by the end of April 2011.
The fund, based in Northbrook, IL, will focus primarily on companies located in the greater Midwestern United States. Its target is to identify innovations in business processes and technologies that reduce raw material consumption, improve yield/performance, increase labor efficiency or enable point-of-use production. Key sectors include material science, industrial innovation and clean technologies.
The managing principals of the fund are Donald Sackman, Michael McCullough, Laurence Hayward and Michael Gruber.

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