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Venture Firm Aimed at “Hard Industries” Unveils $41M Fund
The 81 Collection, a Chicago-based early-stage venture firm investing in founders building across low margin or capital intensive “hard industries” like manufacturing, real estate, retail and construction, unveiled its inaugural $41 million fund, with more than two-thirds of funding raised from current and former company founders in these industries.
“‘Hard’ businesses see a 15:1 funding gap compared to the asset-light, cloud-based businesses that have ruled Silicon Valley,” said founding partner Vijen Patel. “By targeting industries 20 to 30 years behind the tech stack and introducing them to technology innovation, our community built $20 billion of value in ‘hard industries’ and created more than 10,000 jobs.”
The “collection” of The 81 Collection includes more than 100 accomplished entrepreneurs in its investor base. The fund also raised capital from four institutions around the Midwest, including DNS Capital, the Chicago-based investment office of Gigi Pritzker, Michael Pucker and their immediate family.
- ◦Financing
