Gateway Capital announces first close of $25 million Fund II

Gateway Capital Partners, the venture firm founded by Dana Guthrie, announced the first close of its second $25 million Target Fund earlier this week, the Milwaukee-based firm told TechCrunch. Gateway Capital declined to share the exact amount of the first closing.

The first closing means that the second fund can begin its investment operations.

The company began raising its second fund in the middle of last year, Guthrie said. The average check size in the second fund will be between $500,000 and $600,000.

She said it would be industry neutral, though it would be “biased toward Midwest industries ripe for disruption,” such as supply chain and logistics, and artificial intelligence manufacturing. Guthrie said she hopes to support at least 20 companies from this fund.

Gateway Capital, which launched in 2020, last raised $13 million in 2020.