Durham Fund Raises $26 Million For Start-Ups
Tech start-ups in the Triangle received welcome news this week. Durham-based Bull City Venture Partners plans to invest some $26 million in projects throughout the mid-Atlantic.
The group began raising funds more than a year ago and has already invested in one Raleigh-based digital media initiative. Co-founder David Jones says the mid-Atlantic is an area ripe with innovation, but investors often need convincing.
"If all the returns are in the Bay area, New York, and the larger tech hubs, why am I going to want to invest?" Jones says is something he often gets asked. "I think we had to do a lot of educating and really kind of digging into the statistics and the numbers and showing the track record of success."
Bull City Venture Partners is the latest fund from two veteran venture capitalists -- Jones and co-founder Jason Caplain. It's about $10 million more than their last fund. Jones says they plan to stick to the same types of investments, but are upping the scale.
"We focus on early stage technology, e-commerce, digital media. Geographically, we focus on the mid-Atlantic and Southeast. And this fund is a little bit bigger so we can put a little more money into each company."
Jones says they plan to invest in 12 to 15 projects.