Tech startups raising seed and post-seed funding will benefit most from the close of Flyover Capital Fund II, the venture capital firm said, announcing Thursday its oversubscribed close.
“The oversubscribed fund brings Flyover Capital’s total assets under management to approximately $110 million,” the Overland Park-based venture capital firm said in a release, outlining plans for its more than $60 million Tech Fund II.
“The new fund will make initial investments at the seed and post-seed stages, targeting initial equity investments between $0.5 million to $2 million in rounds between $1 and $5 million.”
Fund II closed more than $10 million over its target, the venture firm noted, adding it expects to see the same success as its original fund, which invested in tech companies across 10 states and boasts more than $100 million in assets under management. Six startups in the firm’s portfolio have exited — including Kansas City-based EyeVerify (now Zoloz) and RiskGenius.
Other metro companies having received investment from Flyover Capital include Innara Health, Lending Standard, and TripleBlind.
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“We set out to invest in the next generation of technology success stories outside of the traditional tech hubs,” said Thad Langford, founder and managing partner.
“The longstanding support by our limited partners has allowed us to execute towards that mission. We look forward to continuing to identify world class entrepreneurs, build a differentiated brand, and support founding teams that are creating incredible companies poised to transform the largest industries in Middle America.”
The ability of tech founders to build their companies in cities like Kansas City regardless of its geographic location has strengthened the work of Flyover Capital in its seven years of operation, added Keith Molzer, founder and managing partner.
The firm’s investment team, led by Dan Kerr, who recently became a partner within the firm, is expected to focus heavily on business-to-business and enterprise software focused ventures in its second run.
“We have seen continued growth of the early-stage ecosystem and expect increased remote work and relocations to reinforce the region’s human startup capital,” Kerr said.
Strong support from family offices and institutional investors made the close of Fund II possible, Flyover Capital said, adding it reinforces the firm’s thesis and confirms its momentum in the midwest venture-space.