Drive Capital
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{{Short description|American venture capital firm}}
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{{Infobox company
| name = Drive Capital
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| type = Private
| genre =
| foundation = 2013
| founder = Mark Kvamme, Chris Olsen
| location_city = Columbus, Ohio
| location_country = US
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| area_served = United States and Canada
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| industry = Venture capital
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| assets = $1.2 billion{{cite web|url=https://techcrunch.com/2021/01/11/columbus-drivecapital/|title=Two ex-Sequioa VCs|website=TechCrunch|date=January 12, 2021 }}
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| homepage = {{url|drivecapital.com}}
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Drive Capital is a venture capital firm headquartered in Columbus, Ohio.
History
Drive Capital was founded in 2013 by Mark Kvamme and Chris Olsen, both formerly of Sequoia Capital.{{cite web|url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=239942909 |archive-url=https://archive.today/20140214221710/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=239942909 |url-status=dead |archive-date=February 14, 2014 |title=Drive Capital, LLC: Private Company Information – Businessweek |publisher=Investing.businessweek.com |date= |accessdate=February 15, 2014}} The firm primarily invests in tech startups outside Silicon Valley.{{Cite web|title=Two ex-Sequoia VCs: The most 'compelling emerging market' may be America, outside of Silicon Valley|url=https://techcrunch.com/2021/01/11/columbus-drivecapital/|access-date=February 4, 2021|website=TechCrunch|date=January 12, 2021 |language=en-US}} Drive Capital has invested in various companies based in the United States and Canada.
The firm's investments include Root Insurance Company,{{Cite news|title=Root's IPO Is a Windfall for Drive Capital, Ribbit, Other VCs|url=https://www.wsj.com/articles/roots-ipo-is-a-windfall-for-drive-capital-ribbit-other-vcs-11603926429|access-date=November 17, 2021|website=Wall Street Journal|date=October 28, 2020 |last1=Chernova |first1=Yuliya }} Duolingo,{{Cite web|url=https://www.cnbc.com/2018/05/22/duolingo-2018-disruptor-50.html|title=Duolingo – How do you say...?|date=May 22, 2018|website=CNBC|access-date=April 9, 2019}} Olive,{{Cite web|title=Columbus companies in the Drive Capital portfolio have raised $782 million so far this year|url=https://www.bizjournals.com/columbus/news/2021/07/08/columbus-drive-capital-startups-huge-2021.html|access-date=November 17, 2021|website=Columbus Business First}} Greenlight, Civis Analytics,{{cite web|url=https://www.chicagobusiness.com/john-pletz-technology/ex-obama-techies-startup-raises-31-million|title=Ex-Obama techie's startup raises $31 million|website=Crain's Chicago Business|date=September 27, 2021 }} Udacity,{{Cite web|url=https://www.bizjournals.com/columbus/news/2014/09/24/drive-capital-leads-35m-investment-in-online.html|title=Drive Capital leads $35M investment in online training provider|website=www.bizjournals.com|access-date=April 10, 2019}} Path Robotics,{{cite web|url=https://www.bizjournals.com/columbus/news/2021/05/03/path-robotics-raises-56m-to-add-65-jobs.html|title=Path Robotics raises $56M for 'aggressive' expansion of AI-powered welding|website=Columbus Business First}} and Vecna Robotics.{{Cite web|url=https://markets.businessinsider.com/news/stocks/vecna-robotics-looks-to-the-future-with-new-investment-new-leadership-and-new-direction-1027763827|title=Vecna Robotics Looks To The Future With New Investment, New Leadership And New Direction|website=markets.businessinsider.com|access-date=April 10, 2019}} 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 the region.{{cite web|url=http://upstart.bizjournals.com/money/loot/2013/10/19/tech-advances-cultural-shift-priming.html?page=all |title=Drive Capital founders Mark Kvamme and Chris Olsen sees ingredients for VC success in Midwest |publisher=Upstart.bizjournals.com |date=October 19, 2013 |accessdate=February 15, 2014}}
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.{{cite news|last=McBride |first=Sarah |url=https://www.reuters.com/article/venture-fundraise-drive-idUSL2N0L818S20140204 |title=Ex-Sequoia partners raise $250 mln for Silicon Valley-style startups in Midwest |work=Reuters |date= February 4, 2014|accessdate=February 15, 2014}} 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.{{Cite web|title=MN Startups Raised $1.2B in Funding Last Year {{!}} Drive Capital Closes 2 New Funds {{!}} AmericanInno|url=https://www.americaninno.com/minne/newsletters/mn-startups-raised-1-2b-in-funding-last-year-drive-capital-closes-2-new-funds-newsletter/|access-date=August 5, 2020|website=www.americaninno.com}}
References
{{Reflist}}
External links
- {{Official website|http://www.drivecapital.com}}
Category:Financial services companies established in 2013