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Capital Midwest Fund

Venture capital

Mequon · Seed–Growth · 5 people tracked

Also known as Capital Midwest

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Investment thesis

Capital Midwest Fund targets revenue-stage companies headquartered in the Central United States that deliver problem-solving technology solutions across software, services, and products, primarily serving industrial, manufacturing, and other enterprise customers. The fund looks for management teams that understand trending technology themes, have applied that understanding practically to solve specific customer problems, and have demonstrated traction in gaining market acceptance.

Source: firm website, verified Aug 3, 2026.

Stage
Seed–Growth
HQ
Mequon, Wisconsin, US
Instruments
Equity
Founded
2007
AUM
$100M
Tracked investments
50
IPOs
1
Acquisitions
3

Team · 5 people

from the firm's website & public directories
Chris Powers· Executive Officerin

What they invest in

from 36 of 50 portfolio companies

SaaS ×18Enterprise Software ×15AI & Machine Learning ×14Healthtech ×7Hardware ×6Biotech ×5IoT ×5Data & Infrastructure ×4

HQs:United States×35

Who they back

founder profiles across 20 portfolio companies
60%
solo founders
12 of 20 mapped founding teams
32%
repeat founders
of 22 founders with career history
~4 yrs
old at investment
median across 13 dated deals

Founding team size:solo founder×122 founders×74+ founders×1

Where their founders studiedfrom 23 founders with education data

Massachusetts Institute of Technology ×4DePaul University ×2Washington University in St. Louis ×2

What their founders studiedfrom 22 founders with field-of-study data

Computer Science ×8Business & Management ×6Economics ×3Finance & Accounting ×3Engineering ×2Humanities ×2

Where their founders worked beforefrom 22 founders with career history

Needle ×2Venture First ×2

Accelerator rootsportfolio companies that came through a program

Techstars ×4

3 hold an MBA (of 23 with degree data)

Investments · 50 tracked

founders shown can be your intro path

By year:2024 · 12023 · 32022 · 12021 · 22020 · 62019 · 32018 · 12015 · 12014 · 32011 · 122 dated

SeaStar Medicalseastarmedical.comin𝕏NASDAQ: ICUJul 2020

SeaStar Medical develops the Selective Cytopheretic Device (SCD), a therapy that targets highly activated neutrophils and monocytes to neutralize the hyperinflammatory immune response in critically ill ICU patients facing conditions such as infection, trauma, or surgery.

BiotechHealthtechMedical DevicesDenver, US

H David Humes(Director)Eric Schlorff(Executive Officer, Director)inPeter DeComo(Director)Mark Morsfield(Executive Officer)inR James Danehy(Executive Officer, Director)Jen Baird, NACD.DCin

Co-investorsAphelion CapitalEarly Stage Partners, LPWMU Biosciences Research & Commercialization Center

Physician Software Systemsphysoft.comin✓ verified

PhySoft offers a SaaS clinical decision support platform that provides individualized, evidence-based dosing recommendations for tough-to-titrate and narrow therapeutic index drugs.

AI & Machine LearningDigital HealthHealthtechSaaSLisle, US

Lewis Mitchell(Chief Executive Officer)inRoelof Boonstra(Chief Technology Officer)inJohn Kluska(Chief Client Officer)Tim Nelson(Chief Financial Officer)

BoardKevin Dahill(Director)

Co-investorsMayo Clinic Ventures

(PMI)predisease.com

Predisease sells physician-recommended dietary supplement capsules and sachets through a mail-order system, with products targeting cholesterol, blood sugar, joint pain, menopause symptoms, and immunity.

ConsumerHealthtechWellness & Fitness

(TPI)kashivbiosciences.com

Kashiv BioSciences develops and manufactures biosimilars and complex biologics including monoclonal antibodies and microbial-derived proteins.

Advanced ManufacturingBiotechHealthtechMedical DevicesPiscataway, US

AdAdaptedadadapted.comin𝕏Apr 2020

AdAdapted is a commerce media platform for CPG brands and agencies that targets high-intent shoppers and converts digital discovery into retail purchases through its patented one-click "Add-It" technology, including one-click carting, recipes, and retailer integrations.

AdTechConsumerMarketing TechRetail TechAnn Arbor, US

Molly McFarland(Executive Officer)inMichael Pedersen(Executive Officer, Director)in

BoardRobert Cell(Director, Promoter)Terese Hunwick(Director)

Co-investorsBelle Impact FundID VenturesInvest MichiganTappan Hill VenturesWakestream Ventures

AIQaiq-solutions.comin𝕏Mar 2014

AIQ Solutions develops intellectual property and technologies to improve clinical treatment outcomes for patients with complex diseases globally.

AI & Machine LearningHealthtechMedical DevicesNew York, US

T. Gary Liberman(Chief Financial Officer and Secretary)Nicholas W. Stuller(Chief Executive Officer)

BoardWilliam O'Conor(Member of the Board of Directors)

Co-investorsAurora ForgeNew York AngelsRock River Capital PartnersTundra AngelsVenture Management

Albiware Inc.albiware.comin

Albi provides software for the insurance damage restoration industry, serving contractors and restoration companies.

Construction TechEnterprise SoftwareInsurTechPropTechSaaSDowners Grove, US

Alex Duta(Founder)inShamoil Soni(Founder)in

Co-investorsChicago Early Growth Ventures (CEGV)Palm Drive CapitalSoma CapitalTakeoff CapitalY CombinatorFrontier Growth+1 more

Appraisalvisionappraisalvision.com𝕏

Appraisal Vision is a data-driven platform that analyzes and improves the home valuation process for lenders, appraisal management companies, and appraisers by identifying and eliminating operational inefficiencies.

AI & Machine LearningData & InfrastructureFintechPropTechSaaS

Co-investorsFlorida FundersService Provider CapitalTamiami Angel

backstitchbackstitch.ioin𝕏

Backstitch provides internal communications and employee engagement software for organizations across industries including non-profits, health systems, manufacturing, and hospitality.

Enterprise SoftwareHR TechSaaSKansas City, US

Jordan P. Warzecha(Executive Officer, Director)inStefanie M. Warzecha(Executive Officer, Director)

BoardChris Seago(Director)

Co-investorsKCRise FundMairs & Power VCMissouri Technology CorporationSandalphon CapitalSerra VenturesService Provider Capital+1 more

BetterYoubetteryou.aiin𝕏Dec 2023

BetterYou uses AI and cognitive science to build workplace wellness programs that encourage healthier habits such as better sleep, more physical activity, and social connection.

AI & Machine LearningHR TechWellness & Fitness

Co-investorsAlumni VenturesAtland VenturesEvolution VenturesForefront VentureGeekdomGreat North Ventures+5 more

BitSight Technologiesbitsight.comin𝕏Jun 2018

Bitsight provides a cyber risk intelligence platform that monitors entities across the internet to identify vulnerabilities and emerging threats in real time.

AI & Machine LearningCybersecurityData & InfrastructureEnterprise SoftwareSaaSCambridge, US

Nagarjuna Venna(Executive Officer, Director)inStephen Boyer(Co-founder & Chief Innovation Officer)inShaun McConnon(Executive Officer, Director)Robert T Turner(Executive Officer, Director)Elizabeth Fischer(Executive Officer)inBrian Cohen(Executive Officer)in

Co-investors33NAlphaDriveComcast VenturesFlybridge Capital PartnersGlobespan Capital PartnersMenlo Ventures+8 more

Blue Pillarbluepillar.com𝕏

Blue Pillar (Generac Link Manager) provides a platform to unify monitoring and control of industrial energy assets across mixed OEM environments, using protocols such as Modbus and CANBus.

EnergyEnterprise SoftwareIoTIndianapolis, US

Thomas J. Willie(Executive Officer, Director)Brad Witter(Executive Officer, Director)inKevin Kushman(Director)

BoardBill Kingsley(Director)John McIlwraith(Director)inJason Rottenberg(Director)

Co-investorsAllos VenturesElevate VenturesArsenal Growth EquityClaremont Creek VenturesEnerTech Capital

Capacitycapacity.comin𝕏

Capacity builds an AI-powered platform for contact centers and support teams that automates customer support interactions through AI agents and agent assist tools.

AI & Machine LearningEnterprise SoftwareSaaSSt. Louis, US

David Karandish(Founder)inChris Sims(Co-founder)in

Co-investorsCapital InnovatorsConnecticut InnovationsFINTOP CapitalFOG VenturesFoothill VenturesMissionOG+3 more

Elategoelate.cominMar 2023 · $4.9M

Elate is a strategy management platform that connects planning, execution, and reporting into a single system, with an AI layer that surfaces risks and automates updates.

AI & Machine LearningEnterprise SoftwareSaaSIndianapolis, US

William Brooks Busch(Executive Officer, Director)Abigail Parker(Executive Officer, Director)

BoardMike Asem(Director)in

Co-investorsConnetic VenturesElevate VenturesM25Serra VenturesService Provider CapitalHyde Park Angels+2 more

enosiXenosix.comin𝕏Jul 2014

enosix provides real-time SAP integration solutions that unify complex enterprise systems for manufacturers, consumer products companies, and other large organizations.

Data & InfrastructureEnterprise SoftwareSaaSCincinnati, US

Gerald Schlechter(Founder and Chief Strategy Officer)inGerald Schlecter(Executive Officer, Director)Philippe Jardin(Executive Officer, Director)in

BoardWilliam Trainor(Director)Dov Rosenberg(Director)

Co-investorsAllos VenturesJobsOhio VenturesJumpstart VenturesMK CapitalMutual Capital PartnersSaaS Capital

FactoryFixfactoryfix.comin𝕏Jan 2019 · $1.5M

FactoryFix operates a recruiting platform with AI recruiters that source, screen, and engage candidates from a pool of over 10 million manufacturing and skilled trades professionals.

AI & Machine LearningB2B MarketplacesHR TechChicago, US

Patrick O'Rahilly(Executive Officer, Director)in

Co-investorsGreat North VenturesGrid CapitalGrotech VenturesHyde Park Venture PartnersTIMIA CapitalRise of the Rest Seed

Forecastrforecastr.comin𝕏

Forecastr helps founders navigate business growth and plan exits through financial visibility and modeling.

Enterprise SoftwareFintechSaaSLouisville, US

Jonathan Frazier(Founder)inSteven Ambs(Founder)Steven Plappert(Co-Founder & CEO)inLogan Burchett(Co-Founder & COO)inEric Shrinerin

BoardRobert Penta(Director)in

Co-investorsChartline Capital PartnersConnetic VenturesConvergeElevate VenturesHilltop Venture PartnersInterlock Capital+8 more

Fraytfrayt.comin𝕏Dec 2022

Frayt operates a logistics technology platform designed to build an innovative ecosystem for the logistics industry.

B2B MarketplacesLogistics & Supply ChainSaaSUnited States, US

Luke Denny(Executive Officer, Director)inTimothy Yarbrough(Director)Clancy Boyer(Director)Joshua McCord(Director)

Co-investorsgener8torJobsOhio VenturesRefinery Venture

HarQenharqen.comDec 2011

Milwaukee, US

Elizabeth Kelly Fitzsimmons(Executive Officer, Director)Ane K. Ohm(Executive Officer)

BoardStuart Olsten(Director)Roman Scharf(Director)Lauren Flanagan(Director)Michael Dillon(Director)

Co-investorsWisconsin Investment Partners

Health Scholarshealthscholars.cominJan 2020 · $17M

Health Scholars (UpSkillAI) provides AI- and XR-based immersive training, using voice-powered VR simulations that let teams practice protocols hands-free.

AI & Machine LearningEdTechFuture of WorkWestminster, US

BRIAN GILLETT(Executive Officer)ROBERT SEHRING(Director)ANGELA MCFARLAND(Executive Officer)SCOTT JOHNSON(Executive Officer, Director)LAURA MEDINA(Executive Officer)RIKARD STEIBER(Director)

Co-investorsService Provider CapitalArboretum VenturesClarevia VenturesVenture Investors Health Limited Partnership

Hologramhologram.ioin𝕏Aug 2021

Hologram provides global IoT connectivity solutions that simplify device management and reduce costs for businesses deploying internet-connected devices across multiple countries.

HardwareIoTSaaSChicago, US

Benjamin Forgan(Executive Officer, Director)inPatrick Wilbur(Executive Officer, Director)Anne Rosen(Executive Officer)

BoardNick Solaro(Director)in

Co-investorsBullpen CapitalConvergeDrive CapitalFounders Circle CapitalGutbrain VenturesHypothesis+10 more

Intellisparkintellispark.comin𝕏

Intellispark provides a platform for K-12 schools that helps educators, administrators, clinicians, and families track and coordinate student support around academic performance, behavior, and mental health.

EdTechMental HealthSaaSMclean, US

Stephen Smith(Executive Officer, Director)inShaun Fanning(Executive Officer, Director)in

BoardDeborah Quazzo(Director)in

Co-investorsGSV VenturesK Street CapitalPHX Ventures

​LightGuidelightguidesys.comin𝕏

LightGuide makes projected augmented reality systems for industrial assembly and manufacturing operations, and integrates with Siemens Digital Industries Software solutions such as Teamcenter, Process Simulate, and Opcenter.

Advanced ManufacturingAI & Machine LearningEnterprise SoftwareHardwareWixom, US

Paul Ryznar(CEO, PRESIDENT)inJIM MORROW(SECRETARY)Will Sommerville(Chief Technology Officer)inJim Megyesi(Chief Financial Officer)Peter Galio(Chief Marketing Officer)RON HARBOUR(Director)

Co-investorsG2 Venture PartnersG2VP

LiquidCool Solutionsliquidcoolsolutions.comin𝕏

LiquidCool Solutions develops liquid immersion cooling systems for high-performance computing servers and data centers.

CleantechData & InfrastructureDeep TechEnterprise SoftwareHardwareRochester, US

Ken Krei(CEO | Board Chair)inRick Tufty(VP, Engineering | Chief Technology Officer)in

Lumanulumanu.comin𝕏Mar 2019

Lumanu provides a platform for teams to manage vendor relationships with creators and influencers, handling onboarding, compliance, and payments.

Creator EconomyEnterprise SoftwareFintechSaaSBurlingame, US

Tony Tran(CEO and Founder)inKevin Katari(Executive Officer, Director)Peter Sachse(Director)Hieu Tran(Executive Officer, Director)Paul Johnson(Director)

Co-investors9Mile LabsAlumni VenturesCore Venture CapitalOrigin VenturesOssian CapitalPeterson Ventures+4 more

Neurio Technologygenerac.comin𝕏

Generac develops integrated ecosystems of power generation and energy management products and technologies for customers seeking reliable power supply and cost control.

Advanced ManufacturingCleantechEnergyHardwareIoTWaukesha, US

Aaron Jagdfeld(Chairman, President and Chief Executive Officer)in

Co-investorsMetaplanetBDC Venture Capital

Nucurrentnucurrent.comin𝕏

NuCurrent designs and licenses wireless power and NFC charging architecture for wearables, hearables, and ambient devices, working with product manufacturers to integrate coil, silicon, firmware, and thermal design.

ConsumerDeep TechHardwareIoTChicago, US

Jacob Babcock(CEO)inStephen Wasko(Executive Officer)inMegha Maripuri(Executive Officer)Jeffery Korach(Director)Chris Jensen(Director)

BoardDaniel Einhorn(Director)in

Co-investorsAlumni VenturesDipalo VenturesHarvard Business Angels of ChicagoIU VenturesLakewest Venture PartnersTribal Ventures+1 more

Ocuphire Pharmaocuphire.com

Opus Genetics (formerly Ocuphire) is a clinical-stage ophthalmic biopharmaceutical company developing gene therapies and other treatments for inherited retinal diseases (IRDs) and other retinal and refractive disorders.

BiotechDeep TechDigital HealthWest Bloomfield, US

Mina Sooch(Executive Officer, Director)Meyer Alan(Director)

Co-investorsAltium CapitalID Ventures

Rapid Diagnostek𝕏Mar 2015acquired by Qorvo, Inc. · Sep 2016

Qorvo develops radio frequency and power semiconductor components, including front-end modules, power amplifiers, filters, switches, GaN transistors, and power management ICs.

HardwareHealthtechIoTSemiconductorsPlymouth, US

Harry Norris(Executive Officer, Director)Robert Bruggeworth(President & Chief Executive Officer)

BoardBrock Siegel(Director)Charlie Goff(Director)Jack Ahrens(Director)Paul Knapp(Director)

Co-investorsBand of AngelsLB InvestmentTensility Venture Partners

Realyncrealync.com𝕏Jul 2019

Realync is a video platform for multifamily property teams to create virtual apartment tours, personalized follow-up videos, and resident communications.

Marketing TechMedia & EntertainmentPropTechSaaSVernon Hills, US

Ani Rangarajan(Co-Founder)inMatt Weirich(Co-Founder & CEO)in

Co-investorsCharmides CapitalElevate VenturesSusquehanna Growth EquityM25Meridian Street Capital

Shoptelligenceshoptelligence.com

Ann Arbor, US

Laura Khoury(CEO and President)inRobert Cell(Director)Nancy Gilby(Director)

Co-investorsBelle Impact FundID VenturesInvest MichiganMichigan RiseService Provider Capital

Sierra Oncologysierraoncology.comin𝕏

A biopharmaceutical company that discovers, develops, and delivers medicines and vaccines, with research and development across respiratory, immunology and inflammation, oncology, HIV, and infectious diseases.

BiotechHealthtechMedical DevicesSan Francisco, US

Co-investorsFrazier Life SciencesLongitude CapitalRA CapitalVivo CapitalOxford Finance LLC

SkySpecsskyspecs.comin𝕏Jan 2020 · $17M

SkySpecs provides data management and analytics software for renewable energy asset operators, helping them optimize maintenance and operational decisions for wind and solar installations.

AI & Machine LearningCleantechClimate TechEnergySaaSAnn Arbor, US

Daniel Ellis(President and CEO)David Roberts(CEO)Thomas Brady(CFO)Ryan Morton(Chief Technology Officer)inSamuel DeBruin(Chief Operational Officer)

BoardRichard Katz(Director)

Co-investorsDakota Venture GroupEvergy VenturesHuron River VenturesID VenturesInvest MichiganMcRock Capital+5 more

Sprocketsprocket.gamesMar 2024 · $8M

Santa Monica, US

Nicolas Tittley(Founder)Fred Thiel(Executive Officer, Director)Matthew Hetland(Executive Officer, Director)

Co-investorsBitkraft Esports VenturesBITKRAFT VenturesBlueprint EquityFrontier GrowthGaingels

Sprocket Securitysprocketsecurity.comin𝕏

Sprocket Security provides attack surface management (ASM) software that automatically discovers and maps exposed assets and external infrastructure to give organizations visibility of their security posture from an attacker's perspective.

AI & Machine LearningCybersecurityEnterprise SoftwareSaaS

Casey Cammilleri(CEO and Founder)

Co-investorsBlueprint Equity

Susquehanna Growth Equitysgep.com

SGEP is an investment or accelerator firm that supports and invests in entrepreneurs and technology companies across multiple sectors.

Co-investorsAccel

Texteltextel.net𝕏Oct 2020acquired by Capacity

Capacity provides an omnichannel AI agent platform that handles SMS, chat, voice, and email conversations to answer customer questions, collect information, and complete tasks automatically.

AI & Machine LearningEnterprise SoftwareSaaS

Co-investorsStout Street CapitalCultivation Capital

ThirdPartyTrustthirdpartytrust.com𝕏Seed · Jan 2020 · $4M

ThirdPartyTrust was a third-party risk management solution that is now part of Bitsight, which provides vendor lifecycle management and risk monitoring.

CybersecurityEnterprise SoftwareSaaS

Co-investorsCultivation CapitalSixThirty Ventures

VALID8 Financialvalid8financial.comin𝕏Sep 2021

Valid8 provides AI-powered software to extract, verify, and visualize transaction data from financial documents for forensic investigations and fraud detection.

AI & Machine LearningEnterprise SoftwareFintechLegalTechBoulder, US

Tod McDonald(Executive Officer, Director, Promoter)inChris McCall(CEO)in

BoardDaniel Einhorn(Director)inRoger Chen(Director)inKevin Riegelsberger(Director)

Co-investorsFirstMile VenturesGreen Cow Venture CapitalSilverton PartnersTechstarsFirst Trust Capital Partners

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

THEORIS SOFTWARE, INC.(NASDAQ: GEMP)AIQ SolutionsAlbiGemphire TherapeuticsIntellihotOnKölPegExProNAi TherapeuticsRealitybluScholarCentric

Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.

Exits · 4

1 IPOs · 3 acquisitions

SeaStar MedicalNASDAQ: ICURapid Diagnostekacq. by Qorvo, Inc.ScholarCentricacq. by IntellisparkTextelacq. by Capacity

Portfolio news

latest coverage across their companies

Frequently asked questions

How many investments has Capital Midwest Fund made?
Capital Midwest Fund has 50 tracked investments, 4 of which have exited.
What stage does Capital Midwest Fund invest at?
Capital Midwest Fund invests at the Seed, Series A, Series B, Growth stages.
What sectors does Capital Midwest Fund focus on?
Capital Midwest Fund focuses on Advanced Manufacturing, Enterprise Software, SaaS.
Where is Capital Midwest Fund located?
Capital Midwest Fund is headquartered in Mequon, US.
Who does Capital Midwest Fund co-invest with?
Capital Midwest Fund most often shares deals with Service Provider Capital, ID Ventures, Elevate Ventures, among 135 tracked co-investors.
What size deals does Capital Midwest Fund back?
Across 5 deals with disclosed amounts, Capital Midwest Fund has joined rounds of $1.5M – $17M (median $4.9M).

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