Dundee Venture Capital, an Omaha, Neb.-based seed-stage venture capital firm, raised $20M for third fund.
With a target capital raise of $30M, Fund III will be deployed into seed and early-stage investments targeting e-commerce, B2B SaaS and consumer-network focused startups located in the broader Midwest region including Denver, Omaha, Lincoln, Kansas City, Madison, Minneapolis, Indianapolis, St. Louis and Chicago.
It has already closed its first seed investment in Fooji, a real-time fan engagement platform based in Lexington, Kentucky.
In addition to the fund, the firm is also announcing a strategic partnership with Lakewest Venture Partners to add value and expand its current market reach into Chicago. As part of the expansion, David Mann and his Lakewest co-founders will now run Dundee’s office in Chicago.
Mann has joined Dundee while fellow Lakewest co-founders Buzz Ruttenberg and Jonathan McCulloch will provide strategic advisory to Fund III.
Led by Mark Hasebroock, Dundee Venture Capital has made over 30 investments in startups to date. The current portfolio includes Phone2Action, Fooji, mySidewalk, Built In, Inventables and Bulu Box. The firm’s three exits to-date include InfoChimps (acquired by CSC), DonorPath (acquired by Network for Good) and Cosmic Cart (acquired by POPSUGAR).