FORT LAUDERDALE, Fla., March 22, 2018 /PRNewswire/ -- Las OIas Venture Capital ("LOVC") (lasolasvc.com) announces its final closing of its inaugural venture capital investment fund Las Olas VC I LP at $28.5MM.
"We are incredibly pleased that the market has been so receptive to early stage venture capital here in Florida. There has historically been a gap at this stage where we invest, companies looking for $1-3 million funding rounds, and many excellent companies have had to relocate to established venture capital sources like Silicon Valley to receive funding. We at LOVC believe there is huge untapped opportunity investing in companies outside of those established ecosystems," said Mark Volchek, one of LOVC's Founding Partners.
LOVC looks to invest in Seed and Series A-stage B2B startups solving complex coordination problems in areas that have been traditionally underserved by technology. These areas include enterprise software, tech-enabled business services, financial technology, and education technology among others. The fund seeks to deploy up to $1MM investments and reserves up to an additional $2MM per company for follow on in future rounds. "Having already invested in five companies, we are aiming to be extremely active - ideally we want to find four to six great deals every year," said Volchek.