Drive Capital
TypePrivate
IndustryVenture capital
Founded2013
FounderMark Kvamme, Chris Olsen
Headquarters
Columbus, Ohio
,
US
Area served
United States and Canada
Total assets$1.2 billion[1]
Websitedrivecapital.com

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.[2] The firm primarily invests in tech startups outside 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 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. January 12, 2021.
  2. ↑ "Drive Capital, LLC: Private Company Information – Businessweek". Investing.businessweek.com. Archived from the original on February 14, 2014. Retrieved February 15, 2014.
  3. ↑ "Two ex-Sequoia VCs: The most 'compelling emerging market' may be America, outside of Silicon Valley". TechCrunch. January 12, 2021. Retrieved February 4, 2021.
  4. ↑ Chernova, Yuliya (October 28, 2020). "Root's IPO Is a Windfall for Drive Capital, Ribbit, Other VCs". Wall Street Journal. Retrieved November 17, 2021.
  5. ↑ "Duolingo – How do you say...?". CNBC. May 22, 2018. Retrieved April 9, 2019.
  6. ↑ "Columbus companies in the Drive Capital portfolio have raised $782 million so far this year". Columbus Business First. Retrieved November 17, 2021.
  7. ↑ "Ex-Obama techie's startup raises $31 million". Crain's Chicago Business. September 27, 2021.
  8. ↑ "Drive Capital leads $35M investment in online training provider". www.bizjournals.com. Retrieved April 10, 2019.
  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 April 10, 2019.
  11. ↑ "Drive Capital founders Mark Kvamme and Chris Olsen sees ingredients for VC success in Midwest". Upstart.bizjournals.com. October 19, 2013. Retrieved February 15, 2014.
  12. ↑ McBride, Sarah (February 4, 2014). "Ex-Sequoia partners raise $250 mln for Silicon Valley-style startups in Midwest". Reuters. Retrieved February 15, 2014.
  13. ↑ "MN Startups Raised $1.2B in Funding Last Year | Drive Capital Closes 2 New Funds | AmericanInno". www.americaninno.com. Retrieved August 5, 2020.
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