Columbus venture capital firm Drive Capital recently closed its OverDrive Fund I, PitchBook reports. The fund targeted $400 million in its original paperwork but closed with $300 million. OverDrive has one active investment, to date.
Drive Capital has raised $650 million over its last two funds. Drive Capital Fund III — its third flagship venture capital fund that raised $350 million over two entities — closed in November.
Drive Capital is among the largest Midwestern venture investors by assets under management. Like most VCs firms, Drive Capital tends to invest relatively close to home. According to Crunchbase, over half of its portfolio companies are headquartered in Ohio, Illinois, or Michigan.