When technology startups are ready to turbocharge their growth, whether that means quickly expanding into new markets or hiring additional talent, they often turn to venture capital firms.
These investors are typically interested in backing early-stage companies, betting they can work with entrepreneurs to develop the next big idea -- and jointly profit from the startup's success.
Below, you will find 17 of the area's early-stage technology investment firms and examples of their local portfolio companies. The venture capital firms differ widely in their longevity and investing strategies, not to mention the size of their war chests. But for the most part, they are united by their interest in backing homegrown entrepreneurial talent.
BAIRD VENTURE PARTNERS
Founded: 2000 Founders: BVP is the venture fund of Baird Private Equity
Current (3rd) fund: $170 million (closed 2008)
Invested so far: About $85 million
Typical investment: Up to $10 million
Strategy: Business services and healthcare/life sciences companies. Prefers the lead investor position in first or second institutional rounds. Portfolio Companies:
Founder: David Jonas
Description: PharMEDium provides standard and customized drug combinations for intravenous therapies to more than 1,800 hospitals in the U.S. For example, it makes a customized mixture for use in a pump that delivers small amounts of medication to spinal fluid for pain management.
Outlook: PharMEDium is developing innovative technology platforms focusing on improving the quality of patient care delivery. Later this year, PharMEDium will launch a new product for the operating room that provides audio-visual feedback to support the anesthesia provider in verifying drug and concentration selection, as well as support the pharmacy in tracking medication utilization.
Founders: Marc Kiven, Mike Sands and Eric Lunt
Description: BrightTag makes software that gives website owners control over code that is planted by outside marketers to collect users' data and track their preferences.
Founder: Genevieve Thiers
Description: Consumers can use Sittercity's website to find providers of child care, pet care, elder care, housekeeping services and tutoring.
HYDE PARK VENTURE PARTNERS
Founders: Ira Weiss and Guy Turner
Current (1st) fund: $18.15 million raised of a $20 million -- $25 million goal
Invested so far: About $0.8 million
Typical investment: $750,000 -- $2.5 million
Strategy: Early-stage software-as-a-service and healthcare IT companies in the Midwest
Founders: Bob Gillespie, Tracey Wiedmeyer and Rich Scamehorn
Funding: $1.5 million
Outlook: We have strategically added 20 new employees, moved to a larger office space, seen significant wins over our competitors and remain on track to double our revenue for the second year in a row. I expect the momentum to carry through the remainder of the year and beyond, as we transition from a tech start-up into a high-growth company.
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