Money talks, actions speak louder than words, and both adages are about to play out in Pittsburgh with the promise of invigorating what some consider a stifled ecosystem and cliquish culture.
Pittsburgh has had a shortage of locally-based venture capital funds that do early stage investing for several years, but now the landscape may be changing. Four have been announced since last fall — Black Tech Nation Ventures (BTN), The Fund Midwest, Magarac Venture Partners (MVP) and 412 Venture Fund LP. Just two — 412 Venture Fund and The Fund Midwest — have reached first close, the halfway point where they can begin investing, although neither has done so yet. But few doubt that the money will be raised.
Image: Magarac Venture Partners founders stand outside their office in downtown Pittsburgh. Clockwise from front left, Will Allen, Michael Stubler, Jay Katarincic and Zach Malone. JIM HARRIS/ PBT
