Premium ContentMouse over Home then click on Premium Content for information.Nebraska Global, a Lincoln-based venture capital fund, has raised an additional $17.7 million that it plans to invest in software companies located in Nebraska and the Midwest.
Nebraska Global launched last year with a $19.6 million fund, and co-founder Steve Kiene said Tuesday that the recent round of fundraising "far exceeded" the company's goals, prompting it to turn down $10 million in additional funding.
Investors include Kiene; the Capricorn Investment Group, the investing extension of former eBay President Jeff Skoll; the University of Nebraska Foundation; Jeffrey S. Raikes, a Nebraskan and former Microsoft Corp. executive who is president of the Bill & Melinda Gates Foundation; Nelnet; and 10 other individual investors.
"As a Nebraska native and resident, I believe the next decade in technology development can include great innovative business success from Nebraska and the heartland," said Stephen George, chief investment officer of the Capricorn Investment Group. "The region has a unique pioneering and hardworking spirit, is strong in math and science, and the Internet provides a mechanism for companies here to compete on a global basis."
Over the next two years Nebraska Global said it expects to invest between $100,000 and $5 million from the pot in 10 to 15 companies that can compete on a global scale and have sustainable business models along with Nebraska ties.
"We are actively looking for solid business ideas, great employees and determined entrepreneurs," Kiene said in a statement.
Kiene said funding for three companies, two of which are ventures within Nebraska Global, are being finalized. Financial details for those deals were not disclosed.
Nebraska Global already has invested in three companies: software development firms Don't Panic Labs and ICORA, and EC3H, a company that works with creditors to process deceased debtor accounts.
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