They seem an odd couple. J. D. Vance, author of “Hillbilly Elegy,” his best-selling memoir of growing up in the postindustrial Midwest and his journey of escape. And Steve Case, the billionaire co-founder of America Online.
But Mr. Vance joined Mr. Case’s investment firm this year to scour the Midwest for small yet promising start-ups, particularly for a new seed fund. The firm, Revolution, plans to raise up to $100 million for that fund’s investments, it disclosed in a filing last month with the Securities and Exchange Commission.
They are by no means the only notable investors seeking opportunity in the region.
Four years ago, Mark Kvamme, a top venture capitalist in Silicon Valley, left the heart of the tech industry to become a tech investor here in the Midwest heartland.
After a slow start, his firm has raised $550 million and invested in 26 companies. Its bet is that the middle of America amounts to an undervalued asset, rich in markets, new business ideas and budding entrepreneurs. The Midwest, the thinking goes, is not only untapped, but also an antidote to the scalding-hot tech market on the West Coast. Read the full story here.