Magarac Venture Partners Announces First Closing of New Fund

PITTSBURGH, May 12, 2022 (GLOBE NEWSWIRE) -- Magarac Venture Partners (MVP), a Pittsburgh-based early stage venture capital firm, announces the first closing of its latest fund. The Fund is focused on being the Most Valuable Partner to extraordinary entrepreneurs that are passionate about leading with purpose and creating world-changing companies. MVP is led by a team of experienced early-stage investors in the Midwest and national tech ecosystem, including Jay Katarincic, Mike Stubler and Zach Malone, who have an extensive history of success in leading Draper Triangle Ventures, the predecessor to MVP. The Fund is proud of the addition of long-time investor Will Allen to the team as a co-founder and partner. MVP primarily targets leading early stage financing rounds; it will also join seed stage investors in smaller rounds for startups and other nationally known investors in providing growth financing. 

MVP will focus on sectors that have the potential to thrive in Pittsburgh's and the Midwest's technology ecosystem. The Midwest is an area with great potential. It has the largest population in the U.S., highest amount of Fortune 500 companies, produces tremendous engineering talent and growing tech clusters. The team's portfolio and past investments are indicative of these factors and include many of this Midwest's most successful companies, including Aware, Autobooks, Locomation, Alviere, Stimdia, RE2 Robotics, TOA Technologies, CardioInsight, Onshift, BodyMedia, Carnegie Learning, and Renal Solutions. 

"We are most thankful for the continued support of our long-time investors, as well as the addition of investors new to our firm, and look forward to partnering with entrepreneurs to build the next generation of high growth companies," said Will Allen. "Our vision is to cultivate and maintain the highest standard of consistent performance by providing resources and access to entrepreneurs, our investors and our community. This will lead to exceptional returns and significant societal impact while leading with purpose."

The early-stage technology ecosystem in the Midwest, especially Pittsburgh, is poised for rapid growth. We have built this fund to take advantage of this unique opportunity to create top-tier returns for investors looking to access the forefront of this emerging market. MVP is focused on partnering with innovative founders focused on disrupting large markets by providing the resources to compete in today's global marketplace," said Jay Katarincic. "For decades, universities and research institutions in the Midwest developed talent and technology that was often lost to the coastal regions of the United States as entrepreneurs left in search of capital. That stops now." 

Core to the strategy of MVP is its significant commitment to investment in underrepresented founders. In the past, underrepresented founders have had difficulty excelling in the tech space, and MVP will change that landscape for emerging technology companies. The Firm will work rigorously to have each investment have person of color, an African American, female, immigrant and/or LGBTQ representation on their leadership teams. MVP will also ensure more than one-third of its investments to companies that are diverse. The firm will build on its past investment expertise to drive innovative growth for diverse and underrepresented entrepreneurs. 

To learn more about Magarac Venture Partners and its portfolio, visit magarac.vc.

Contact: Jay Katarincic @ [email protected]

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