Mike Brown has spent the past year making trips to small rural towns and has spent many weeks in cities from the west to the east. That's the dedication he has, in launching his very first venture capital firm.
He met with many high net worth individuals, known in the industry as potential limited partners when he pitched his idea for Bowery Capital. This is a firm to be based in New York and it would be focusing on start up firms that support enterprise solutions. He pitched to many strangers, with some not having knowledge of the industry he was working in.
The year has come and the work has paid off. In the end, he was able to raise US$33 million for the firm. Each Limited Partner invested nearly a million for the firm where he is the sole partner and has two other employees, former colleagues at AOL Ventures, Nic Poulos and Keegan Forte.
With the money, Bowery Capital would be investing on about 25 start up firms, infusing between US$250 million and US$3 million in each. He would investing in their seed and Series A rounds. Seed investments are the first capital infusions from investors while Series A rounds would be enough capital to begin scaling the start up for full operation.
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