Last month, the venture capital firm at Allos announced it would raise up to $100 million in potential VC funding.
According to Indiana Business Journal, the firm filed plans for its new fund with the Securities and Exchange Commission (SEC) to raise anywhere between $50 million to $100 million. This is another gradual increase from the first fund stage in 2010 ($2o million raised) and the venture capital firm’s second stage in 2013 (when it raised $40 million).
Allos Ventures coupled the fundraising campaign with the announcement of new director David Kerr, who is the former CEO at Octiv. Kerr will now team up with founders Don Aquilano and John McIlwraith in the position of managing director.
Their site portfolio notes that the venture firm has invested in companies like Lessonly, Foxtrot Code, Enosix, Blue Pillar, and WebMD, among dozens of others. They usually invest a maximum of $7 million per company and have been an influential figure in the Midwest startup scene, according to their website.
“There is an abundance of exceptional, emerging startups here, but a severe shortage of capital to support their growth past the startup stage,” the site notes of the Midwest tech environment. “Enter Allos. We invest in industry-changing businesses and partner with outstanding entrepreneurs to help these companies accelerate growth and build value.”
As a new managing director, Kerr is expected to bring the lessons he learned at Octiv to expand operations and funding at Allos Ventures.
“Working with the team at Allos through my time with Octiv gave me a glimpse into the major impact the firm continues to make in Midwest tech,” Kerr said in a written statement. “By partnering with [software as a service] leaders from our portfolio companies and working to broaden investments to newly maturing tech markets throughout Indiana and the Midwest, my goal is to help expand that ripple effect.”