Nebraska Global today announced that it has completed the capital raise portion of its Nebraska Global Investment Fund at $37.3 million. The fund is one of the largest software investment funds in the Midwest and has attracted investors drawn to the idea of building sustainable, impactful, and globally competitive technology companies through the cultivation of local talent.
The fund was oversubscribed – closing at $37.3 million, far exceeding the original target of $30 million. Ultimately, the fund turned away an additional $10 million to ensure a strategic fit with its investment approach.
Steve Kiene, co-founder of Nebraska Global, noted, “We are extremely pleased to have not only completed our funding, but to have far exceeded our goal and expectations in both dollars and quality of investors. To have key foundational Nebraskans as investors in addition to well-known technology entrepreneurs is a testament to the strength and quality of Nebraska and of our strategy to create long term sustainable value within Nebraska and the Midwest.”
Investors in the Nebraska Global Investment Fund include Capricorn Investment Group, the investment arm of Jeff Skoll (former President of eBay), the University of Nebraska Foundation, Jeffrey S. Raikes, Nelnet, co-founder Kiene, and approximately ten others. All of the investors have Nebraska ties and have expressed a commitment to growing software businesses in the region.
Capricorn Chief Investment Officer, Stephen George, commented, “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. The region has a unique pioneering and hard-working spirit, is strong in math and science, and the Internet provides a mechanism for companies here to compete on a global basis. Capricorn is excited to be an investor in Nebraska Global and it will be an important capital and operational engine for terrific entrepreneurship here.”
With regards to the other investors, Kiene explained, “We have a group of investors who have built or run world-class businesses and who invested because they understand and agree with our approach of building sustainable businesses, long term.”
Nebraska Global intends to invest its funds in multiple companies with target investments from $100,000 to $5 million. Nebraska Global has already invested in three companies — Don’t Panic Labs, EC3H, and ICORA, and is currently working on finalizing three others. One investment is an outside deal and the other two are internal ideas. In order to invest in and create great software companies, the company will leverage its technical aptitude, particularly on Microsoft platforms.
The company is seeking new ideas and projects to start and in which to invest. “We are actively looking for solid business ideas, great employees, and determined entrepreneurs,” Kiene said. With the size of the fund, Nebraska Global believes that it will be able to create a lasting impact on Nebraska and its technology landscape.
