Columbus’ Drive Capital has successfully raised $350 million for its third flagship venture capital fund, according to SEC paperwork. The fund’s assets are split between Drive Capital Fund III LP, holding $249.425 million raised from 61 investors, and Drive Capital Fund III (TE), LP, holding $100.575 million from 22 investors.
Drive Capital received its first concrete capital commitment for Fund III on April 5, 2019, Crunchbase reports. It’s the firm’s largest investment vehicle yet. Drive Capital closed $300 million for Fund II in 2016 and $250 million for its inaugural fund in 2014.
Drive Capital is among the largest Midwestern venture investors by assets under management. According to Crunchbase data, over half of its portfolio companies are headquartered in Ohio, Illinois or Michigan.
Most of the time, Drive Capital first invests with Series A and Series B rounds, with the firm investing in later stage rounds as well. Crunchbase reports that Drive also is in the midst of raising capital for its first opportunity fund to bolster its follow-on and opportunistic late-stage investments.
The firm just filed amended paperwork for Drive Capital Overdrive Fund I LP and Drive Capital Overdrive Fund I (TE) LPI, according to Crunchbase. For the Overdrive Fund, Drive Capital is targeting a total of $400 million, of which roughly $284.4 million has already been raised. Since Drive Capital made its initial filings back in April, the firm has raised an additional $33.5 million for that particular investment vehicle.