Wanted: Exciting, young Pittsburgh company seeking up to $15 million investment. More than one welcome!
Chrysalis Ventures is on the lookout for local investment opportunities, having officially joined the local venture capital community by opening a Pittsburgh office this month in Innovation Work’s space off Technology Drive.
The Louisville, Ky.-based firm is a leading source of equity capital for fledgling companies in what it considers the “under-ventured” Midwest and South. The 15-year-old venture capital firm has more than $300 million under management and has investments in 55 companies in healthcare services, technology, media and communications and business services.
Pittsburgh native Koleman Karleski, managing director, says he has been “eyeing local startups for years” in the hope of coming home to start something here.
“Pittsburgh has great universities, entrepreneurs, cool technology and a hardworking culture that with a little more capital could probably grow up successful companies,” says Karleski. “This will deepen our roots here and give us an opportunity to be more local.”
A key factor in the decision to open here was a deal with the state of Pennsylvania, Karleski says, which offered Chrysalis a guarantee on any losses on up to $20 million that the firm invests in the region.
Chrysalis is one of many sponsors of the upcoming 3 Rivers Venture Fair to be held in Pittsburgh, April 16 & 17, an event that’s emerging as one of the hottest investment tickets in the Midwest, Karleski adds.
Writer: Deb Smit
Source: Koleman Karleski, Chrysalis Ventures