Milwaukee-based firm deepens commitment to overlooked Midwest markets with second fund
MILWAUKEE (March 30, 2026) – Gateway Capital, the Milwaukee-based venture capital firm founded and managed by Dana Guthrie, is announcing the first close of its sophomore fund. Now with over $20M in assets under management, the firm is continuing its mission to find outlier founders in overlooked geographies, with emphasis on low-to-moderate income communities.
Fund II extends the approach proven with Fund I — seeking the best Midwest companies before consensus is formed and building alongside founders. Where Fund I was Wisconsin-focused, Fund II opens Gateway’s reach across the broader Midwest. The firm has reached an initial close of Fund II and continues to execute on its Midwest investment strategy.
Since launching Fund I in 2020, Gateway Capital has built a portfolio of high-conviction early bets across promising Wisconsin pre-seed companies. Those investments have since attracted follow-on capital from regional and national venture firms, with portfolio companies scaling revenue, expanding into new markets, strengthening their leadership teams, and being acquired.
Gateway’s conviction is that overlooked geographies produce outlier founders — and that entering before consensus forms is both a return advantage and a responsibility. Midwest founders build with operational discipline and a focus on fundamentals — creating advantages for investors and founders alike. While the firm expects the majority of its investments to remain rooted in Milwaukee and Wisconsin, Fund II formally extends Gateway’s reach across Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri, and Ohio — bringing the same early-entry approach to the broader region.
Gateway’s role doesn’t end at the investment. The firm works alongside founders through the earliest stages of company building — supporting team development, customer growth, and the groundwork for what comes next.
“Our strategy has always centered on finding founders before the opportunity is obvious,” said Guthrie, Gateway’s Managing Partner. “We then work closely alongside the businesses to achieve key business milestones that generate additional funding and support.”
