Drive Capital
Drive Capital is a venture capital firm headquartered in Columbus, Ohio.
Type | Private |
---|---|
Industry | Venture capital |
Founded | 2013 |
Founder | Mark Kvamme, Chris Olsen |
Headquarters | , |
Area served | United States and Canada |
Total assets | $1.2 billion[1] |
Website | drivecapital.com |
History
Drive Capital was founded in 2013 by Mark Kvamme and Chris Olsen, both formerly of Sequoia Capital.[2] The firm primarily invests in tech startups outside of Silicon Valley.[3] Drive Capital has invested in various companies based in the United States and Canada.
The firm's investments include Root Insurance Company,[4] Duolingo,[5] Olive,[6] Greenlight, Civis Analytics,[7] Udacity,[8] Path Robotics,[9] and Vecna Robotics.[10] The organization's programs focus on establishing entrepreneurial ecosystems with a goal to support new businesses and solidify a base of operation in the midwestern United States, rather than refocusing financial investment opportunities outside of the region.[11]
In February 2014, the firm established its first $250 million venture capital fund, Drive Capital Fund I. In September 2016, the firm began investing from its second $300 million fund. [12] In January 2020, the firm established its first $301 million expansion stage fund, Overdrive Fund I. The four funds bring the firms assets under management to $1.2 billion.[13]
References
- "Two ex-Sequioa VCs". TechCrunch.
- "Drive Capital, LLC: Private Company Information - Businessweek". Investing.businessweek.com. Retrieved 2014-02-15.
- "Two ex-Sequoia VCs: The most 'compelling emerging market' may be America, outside of Silicon Valley". TechCrunch. Retrieved 2021-02-04.
- "Root's IPO Is a Windfall for Drive Capital, Ribbit, Other VCs". Wall Street Journal. Retrieved 2021-11-17.
- "Duolingo - How do you say...?". CNBC. 2018-05-22. Retrieved 2019-04-09.
- "Columbus companies in the Drive Capital portfolio have raised $782 million so far this year". Columbus Business First. Retrieved 2021-11-17.
- "Ex-Obama techie's startup raises $31 million". Crain's Chicago Business.
- "Drive Capital leads $35M investment in online training provider". www.bizjournals.com. Retrieved 2019-04-10.
- "Path Robotics raises $56M for 'aggressive' expansion of AI-powered welding". Columbus Business First.
- "Vecna Robotics Looks To The Future With New Investment, New Leadership And New Direction". markets.businessinsider.com. Retrieved 2019-04-10.
- "Drive Capital founders Mark Kvamme and Chris Olsen sees ingredients for VC success in Midwest". Upstart.bizjournals.com. 2013-10-19. Retrieved 2014-02-15.
- McBride, Sarah. "Ex-Sequoia partners raise $250 mln for Silicon Valley-style startups in Midwest". Reuters. Retrieved 2014-02-15.
- "MN Startups Raised $1.2B in Funding Last Year | Drive Capital Closes 2 New Funds | AmericanInno". www.americaninno.com. Retrieved 2020-08-05.