Drive Capital, a venture capital firm backed with $50m from Ohio State University, hits its $250m fund goal in a year.

Drive Capital has closed its first $250m fund with help from Ohio State University.

Launched by former business data firm JobsOhio executive and venture capitalist Mark Kvamme (pictured) last year, Drive has raised the fund from a number of private sources, although Ohio State University made its $50m investment in the fund public last year.

The fund will focus on technology, healthcare, and consumer start-ups on US Midwestern companies, and seeks to fill the gap in available venture capital for firms in the area. It has already made four investments with the firm, although the majority of the $250m is yet to be allocated.

Kvamme said: “When I first came to the Midwest I had no idea of the depth and breadth of technological innovation in the region. We started Drive Capital to partner with these innovators to give them the tools, connections and capital they need to accomplish their dreams here. We believe the Midwest is the best place on earth to build your company – period.”