BlueTree Venture Fund Raises $10 Million for Pittsburgh Technology Companies: New Venture Fund to Provide Area Companies with Series B Investments
Pittsburgh, PA – May 8, 2014 – BlueTree Venture Fund (BTVF) closed on $10 million of fresh capital for Pittsburgh area technology companies and the broader entrepreneurial market on April 28, 2014. The Fund is the first woman-founded venture capital fund in the region, founded by local venture capitalist and angel investor Catherine Mott. BTVF is targeting Series B investments in IT and Life Science companies with compelling technologies, strong management teams and efficient capital models to provide robust returns for the Fund’s investors.
BTVF is the culmination of Mott’s 10 years of immersion in both the Pittsburgh and national angel and venture capital community. According to Mott, running a successful venture fund is more than finding a great portfolio of promising companies. She explains, “The bottom line for a successful venture fund is the ability to deliver returns well into the double-digits. This requires using the Fund Partners’ knowledge and networks to develop solid, high quality deal flow, a rigorous vetting process, and a commitment to be integrally involved with the strategic decision-making of portfolio companies.” She explains that achieving this goal will allow BTVF to support companies providing innovative technologies that improve peoples’ lives.
Currently, Pittsburgh’s entrepreneurial ecosystem is nearing a tipping point. The area’s technology companies brought in an estimated $338 million in 148 separate deals in 2013, according to the Pittsburgh Venture Capital Association. Of 125 venture capital firms that participated in these deals, only 22 were from the Southwestern Pennsylvania region. BTVF is another asset that enables the region to unlock its vast potential for innovation and commercialization. Prior to its final close in Q1 2015, BTVF will seek to raise another $20 million to achieve $30 million total capital.
Over the last 10 years, Mott assembled the best practices and operating model that made her first local angel organization, the BlueTree Allied Angels, stand as one of the most highly-regarded angel investment groups in the country. Mott and her three partners in BTVF, Roger Byford, David Motley and Jon Pastor, have more than 70 years of combined experience in IT Hardware, IT Software and Life Sciences. The Partners have held executive level positions in perennially successful companies, including Microsoft, Google, Respironics and McKinsey. Their entrepreneurial experience comprises successful venture and angel-backed companies like Vocollect and Rent Jungle.
To learn more about the BlueTree Venture Fund, visit www.bluetreeventurefund.com. To schedule an interview, contact Catherine Mott at 724-475-4538 or cvmott@bluetreecapital.com.