PITTSBURGH, Feb. 28, 2013 /PRNewswire/ -- Draper Triangle Ventures announced today the first closing of its newest fund, Draper Triangle III, targeted to be a $75-100 million fund. With Fund III, Draper Triangle will continue to leverage the successful investment strategy of its two earlier funds, investing in early stage technology companies located in the Midwest, including Pennsylvania, Ohio and Michigan.
Over the past 13 years, Draper Triangle has been the region's most active early stage venture capital firm, investing over $115 million in 37 companies. Draper Triangle's portfolio encompasses investments in 26 companies in Western Pennsylvania totaling in excess of $80 million, including Renal Solutions, Carnegie Learning, BodyMedia and Aethon, plus eight Ohio-based companies, with investments totaling over $30 million, including TOA Technologies, CardioInsight, OnShift, and Thinkvine.
Jay Katarincic, Managing Director of Draper Triangle, comments, "We believe there is a unique investment opportunity in the Midwest at a time when there is an unprecedented divide between the availability of early stage venture capital and the large number of promising technology start-ups seeking capital. With the new Fund, we will continue to deploy new capital to exciting firms, and leverage our DFJ Network to help expand the great companies found right here in our region." Tom Jones, Managing Director of Draper Triangle added, "We look forward to continuing to partner with the outstanding entrepreneurs and research institutions to build meaningful companies that have the potential to become the dominant player in very large and growing markets."
"Draper Triangle Ventures has been the region's most active venture investor over the past decade," believes Rich Lunak, President and CEO of Innovation Works. "They have played a critical role in ensuring that our region's highest-potential companies have the capital they need to grow here in Southwestern Pennsylvania. In addition, the broad experience base the Draper partners bring to the table has been instrumental in helping their portfolio companies succeed."
Draper Triangle also announced that Will Indest has joined the team as Managing Director. Indest will oversee activities in the recently opened Columbus office. Paul Cohn of Fort Washington Capital Advisors commented, "Draper Triangle has been the leading early stage investor in Ohio and we are happy to help them launch their new fund. Will Indest is well-respected throughout Ohio for the critical role he has played in Ohio's early stage ecosystem and is a great addition to the Draper Triangle team."
"I'm looking forward to working with Draper Triangle as we continue to focus our venture efforts in Ohio," adds Indest. "With new capital to deploy, and the strength of the Draper Team and the DFJ Network, we are in the unique position to make a significant impact on the region's entrepreneurial community."
Prior to joining Draper Triangle, Will Indest formerly served as CEO of TechColumbus Investments, Inc., Vice President of Venture Development and Director of TechStart, the Central Ohio Entrepreneurial Signature Program, with TechColumbus, a non-profit organization dedicated to assisting hundreds of businesses, entrepreneurs, venture funds and research institutions promote the growth of tech-based businesses in central Ohio. Prior to TechColumbus, Indest was instrumental in founding the $150 million Ohio Capital Fund – a seed stage "Fund of Funds," – as well as managing approximately $30 million in pre-seed and angel fund assets. Will received an MS at the Massachusetts Institute of Technology Sloan School of Management and a BS in Chemical Engineering from The University of Notre Dame.
Mike Stubler, a Managing Director of Draper Triangle commented, "All of us are excited to add Will to our core investment team given his vast experience in growing early stage companies and his unparalleled knowledge of the entrepreneurial support networks in our target markets."
About Draper Triangle
Draper Triangle Ventures (www.drapertriangle.com) is a leading source of funding for high-technology start-up companies in the Midwest region. As a member of the DFJ Global Network, the leader in seed and early-stage venture capital, Draper Triangle invests in the IT, Medical Devices and Advanced Materials sectors. Its Managers have significant experience in founding, investing in and growing early stage technology companies. Through the DFJ Network, Draper Triangle and its portfolio has access to the tremendous benefits afforded by the cooperation of 15 venture firms, 25 funds, approximately $3 billion under management, unparalleled resources, and the global reach of powerful relationships around the world.
CONTACT: Tom Jones Tom@dtvc.com
2 Gateway Center, 20th Floor voice: 412-288-9800 Pittsburgh, PA 15222 fax: 412-288-9799
SOURCE Draper Triangle Ventures