Las Olas holds $28.5m final close for its debut fund

Digital infrastructure-focused venture house Las Olas has held a final close of its inaugural fund after hauling in $28.5m.

Las Olas VC I will seek to invest in Seed and Series A-stage business to business startups solving coordination problems in the enterprise software, tech-enabled business services, FinTech and EdTech sectors. It will seek to participate in rounds for companies that are looking for between $1m to $3m, and will deploy between $1m and $2m per deal.

The fund has already started investing, backing five companies so far. It will seek to complete four to six transactions a year, according to founding partner Mark Volchek.

He added, “We are incredibly pleased that the market has been so receptive to early stage venture capital here in Florida. We at LOVC believe there is huge untapped opportunity investing in companies outside of those established ecosystems.”

The firm was founded by Volchek, Esteban Reyes, Paul Tanner and Dean Hatton. It now boasts a portfolio of five companies, including CarePredict, Plum and ReloQuest.

Early last year it announced an investment in LendingFront, an innovator in the small business lending market in the US. The technology provides banks and lenders with an automated solution for underwriting, originating and servicing for small business credit.

There has been a slew of venture funds with a FinTech interest to close in the past month. Blockchain Capital, a crypto and blockchain technology-focused firm, held the $150m final close for its fourth fund. Other firms to launch vehicles this month include Victory Park Capital, Baseline Ventures and Multicoin Capital.

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