30Ventures, one of the newest additions to Wisconsin’s venture capital scene, quietly revealed plans this week to raise up to $15 million for its debut fund, which will back healthcare and water and chemistry-related technologies in the Midwest.
The Madison, WI-based firm disclosed fundraising details in a document filed with federal securities regulators on Thursday.
30Ventures was formed in 2017. It concentrates on “early-stage medical diagnostics, biotechnology tools, medical device, and industrial water and chemistry opportunities in the Midwest,” according to the LinkedIn profile of its managing director, George Arida. It will invest in deals at the Series A and B stages, according to the firm’s LinkedIn page. The only other person listed as an employee of 30Ventures on LinkedIn is Jacob Smith, a principal at the fund.
Arida did not immediately respond to messages asking what his firm’s anticipated timeline is for closing its first fund.
Before Arida helped launch 30Ventures, he was a managing director at Venture Investors. The firm—also based in Madison, with a second office in Ann Arbor, MI—manages the largest VC fund in Wisconsin. It has historically invested in companies that span software and related technologies, cleantech, and healthcare. But Venture Investors appears to be narrowing its focus squarely on healthcare, judging by its website and a recent SEC filing that indicated it plans to raise as much as $100 million for a new, healthcare-focused fund.
30Ventures seems to be playing to Arida’s strengths, which also match some of the strengths of businesses in Wisconsin. Arida has a degree in chemical engineering and later spent 12 years in the industrial water and specialty chemicals sectors, according to his LinkedIn profile. He also has investing and board experience in biotech and other healthcare technologies.