Will Allen, Partner at Magarac Venture Partners and a 12-yr NFL veteran, joined Yahoo Finance Live to discuss the launch of the new VC firm Magarac Venture Partners.
Magarac Venture Partners launches as Pittsburgh VCs and NFL standout debut next-generation firm
Department of Community and Economic Development (DCED) Secretary Dennis Davin and the Ben Franklin Technology Development Authority (BFTDA) announced that $2.5 million has been awarded on behalf of Magarac Ventures, LP
Coal. Iron ore. Oil. These were the root stocks of the Midwest’s last great entrepreneurial era, when men named Carnegie, Rockefeller, Dow and Ford built the steel, oil, chemical, and auto industries.
Today we're living in the next great entrepreneurial era where Universities, Accelerators, and Entrepreneurs- are spawning innovations in software, robotics, big data analytics, and connected devices. The Magarac team is proud to call the Midwest our home.
Magarac Venture Partners is an early stage venture capital firm based in Pittsburgh, PA. Our firm was founded by Mike Stubler, Jay Katarincic, Zach Malone (former colleagues at Draper Triangle Ventures) and Will Allen.
At MVP we are proud to invest in the Midwest's most extraordinary entrepreneurs as they set out to create market defining companies. We view venture investing as a "People first" business. Our goal is to be your "MVP" by empowering bold, forward-thinking founders with capital and resources on their journey to shape the future.
We focus our investments on Sectors that showcsase the strengths of the technology ecosystem in the Midwest.
Our initial investments can fall between $500k - $5M. We are often the first institutional investors and prefer to lead "Seed" and "Series A" rounds.
We believe the Midwest of the United States is home to many of the most talented entrepreneurs in the world. This is why we invest in founders building market defining companies based in cities like Pittsburgh, Columbus, Ann Arbor, Cleveland, Cincinnati, Detroit and other surrounding regions.
33% of the portfolio companies in our most recent fund had at least one person of color, female, immigrant and / or LGBTQ member of the founding team at the time of our Investment. We aim to improve this amount moving forward.
Prior to making an investment our portfolio founders must commit to interviewing at least one African American, person of color, female, first generation immigrant and / or LGBTQ candidate for each senior-level position