Recently launched Chicago-based Math Venture Partners, led by two Northwestern entrepreneurship lecturers, takes aim at the early stage with $28m.
Math Venture Partners, a new venture fund based in Chicago and led by two Northwestern entrepreneurship lecturers, has raised $28m for series A investments.
Math is already put ink on 14 investment deals and has invested $4.5m so far, half of which have been in Chicago. The fund is primarily targeting series A opportunities and looking to provide between $500,000 and $1m a time. As a secondary focus, Math is also searching for seed deals, for which it is providing around $100,000 per deal.
The fund blew past its original target of $25m, and is largely supported by wealthy individuals and family offices, 85% of which are based in Chicago.
Aside from their lecturing duties, founders Mark Achler and Troy Henikoff are also involved with other projects in the area. Now a venture capitalist, Achler was previously involved with Illinois-based entertainment rental service Redbox, while Henikoff is the managing director of accelerator TechStars Chicago.
Henikoff said although his connection to TechStars will lead to the fund working with the accelerator, it won’t be Math’s primary focus, adding: “We will co-invest in Techstars companies, but we won’t lead a Techstars Chicago deal. Our average investment in those deals is going to be $100,000.”
