Gateway Capital Partners, the venture firm founded by Dana Guthrie, announced the first close for its $25 million target Fund II earlier this week, the Milwaukee-based firm told TechCrunch.

Gateway Capital declined to share the exact amount of the first close. The first close means Fund II can begin its investment operations. Guthrie said the firm began raising its Fund II in the middle of last year.

Fund II’s average check size will be between $500,000 and $600,000.

It will be industry-agnostic, she said, though it will have “a bias toward Midwest industries that are ripe for disruption,” such as supply chain and logistics, and manufacturing AI.

Guthrie said she hopes to back at least 20 companies from this fund.

Gateway Capital, launched in 2020, last raised a $13 million Fund I in 2020

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