TMCnet News
Entrepreneurs to Benefit from New Source of Venture Capital; Draper Triangle Ventures Announces $40 Million First Round Closing of DTV II PITTSBURGH --(Business Wire)-- Sept. 29, 2004 -- Draper Triangle Ventures (www.drapertriangle.com) announced the formation and initial closing of Draper Triangle Ventures II (DTV II), a venture fund for Midwestern-based technology companies. Targeted to close over $60 million, DTV II will make seed and early stage investments in compelling advanced software, medical device, automation technology, MEMS and nanotechnology companies."The high tech community here is very fortunate to have the right mix of experienced entrepreneurs, nationally recognized universities and leading medical centers, all of whom are developing new technologies that have the potential to be something great. We are excited to do our part in funding these great entrepreneurs to help shape and grow this region's economy," states Managing Director of Draper Triangle Ventures, Tom Jones. Over the next 5 years, Draper Triangle plans to fund roughly 25 start-up technology companies, with initial investments ranging from $500,000 to $2 million. Draper Triangle is the Midwest-based fund of Silicon Valley's Draper Fisher Jurvetson, a leader in seed and early-stage venture capital. As such, it has access to the wealth of resources made possible by the Draper Network, a national network of venture capital partnerships, including 75 investment professionals, 25 venture funds and approximately $3 billion under management Draper Triangle has offices in Pittsburgh and Cleveland, and plans to open an office in Cincinnati early next year. About Draper Triangle Draper Triangle Ventures is a key source of funding for high-technology start-up companies in the Pennsylvania, Ohio and Midwest regions. As the Midwest-based fund of Draper Fisher Jurvetson, the leader in seed and early-stage venture capital, Draper Triangle offers entrepreneurs and investors a host of benefits unrivaled in the industry. Its Managers have significant experience in founding, investing in and growing early stage technology companies. About Draper Fisher Jurvetson Draper Fisher Jurvetson is the premier early stage venture capital firm. Founded in 1985, Draper Fisher Jurvetson has created a global network of affiliated venture funds with approximately $3 billion in capital commitments and offices in the major technology centers around the world. Headquartered in Silicon Valley, the firm has proven expertise in identifying and helping extraordinary entrepreneurs who want to change the world. |
