Ludlow Ventures eyes $60m for Fund II

Detroit-based Ludlow Venture is looking to raise up to $60m for its latest venture capital fund.

The firm is yet to register any capital commitments for Ludlow Ventures Detroit II according to a filing with the SEC.

The firm typically invests early stage start-ups and intends to back the “right teams when others think it’s too early”, according to its website. Ludlow’s current and previous investments have included FinTechs such as Tally, Dwolla and Final as well as PropTech Nestio.

Should Ludlow reach its fund goal it will surpasses the $45m it raised for the vehicle’s predecessor in 2017. Ludlow Ventures Detroit I garnered the support of a number of high-net-worth individuals including Stemcentrx co-founder Dan Reiner and Quicken Loans founder Dan Gilbert, according to a report by TechCruch. The firm’s first vehicle raised $15m back in 2015.

It’s unclear whether the fundraising goal it has registered is a target or hard cap.

The firm is led by founder and managing partner Jonathon Triest, alongside partners Brett deMarrais and Blake Robbins.

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