Gateway Capital announces first close of $25M Fund II

Gateway Capital Partners, led by Dana Guthrie, has successfully completed the first close of its ambitious $25 million Fund II, as confirmed by the Milwaukee-based venture firm to TechCrunch. While the specific amount raised in this initial close has not been disclosed, this milestone allows the fund to commence its investment activities. The fundraising for Fund II began in mid-2022, with an average investment size anticipated to fall between $500,000 and $600,000. Though the fund is designed to be industry-agnostic, Guthrie noted a particular focus on the Midwest, targeting sectors poised for significant transformation, including supply chain and logistics, as well as manufacturing driven by artificial intelligence. With the goal of investing in at least 20 companies, Gateway Capital is looking to make a substantial impact within these sectors. Established in 2020, this marks a significant progression following the firm's initial $13 million Fund I.