Drive Capital

Drive Capital is a venture capital firm headquartered in Columbus, Ohio.

Drive Capital
TypePrivate
IndustryVenture capital
Founded2013
FounderMark Kvamme, Chris Olsen
Headquarters
Columbus, Ohio
,
USA
Area served
United States and Canada
Total assets$1.2 billion[1]
Websitedrivecapital.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
  1. "Two ex-Sequioa VCs". TechCrunch.
  2. "Drive Capital, LLC: Private Company Information - Businessweek". Investing.businessweek.com. Retrieved 2014-02-15.
  3. "Two ex-Sequoia VCs: The most 'compelling emerging market' may be America, outside of Silicon Valley". TechCrunch. Retrieved 2021-02-04.
  4. "Root's IPO Is a Windfall for Drive Capital, Ribbit, Other VCs". Wall Street Journal. Retrieved 2021-11-17.
  5. "Duolingo - How do you say...?". CNBC. 2018-05-22. Retrieved 2019-04-09.
  6. "Columbus companies in the Drive Capital portfolio have raised $782 million so far this year". Columbus Business First. Retrieved 2021-11-17.
  7. "Ex-Obama techie's startup raises $31 million". Crain's Chicago Business.
  8. "Drive Capital leads $35M investment in online training provider". www.bizjournals.com. Retrieved 2019-04-10.
  9. "Path Robotics raises $56M for 'aggressive' expansion of AI-powered welding". Columbus Business First.
  10. "Vecna Robotics Looks To The Future With New Investment, New Leadership And New Direction". markets.businessinsider.com. Retrieved 2019-04-10.
  11. "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.
  12. McBride, Sarah. "Ex-Sequoia partners raise $250 mln for Silicon Valley-style startups in Midwest". Reuters. Retrieved 2014-02-15.
  13. "MN Startups Raised $1.2B in Funding Last Year | Drive Capital Closes 2 New Funds | AmericanInno". www.americaninno.com. Retrieved 2020-08-05.
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