Dundee raises $20 mln, partners with Lakewest

Dundee Venture Capital, an Omaha, Nebraska, seed-stage firm that invests in Midwest startups, said it held an initial close of $20 million for its third fund and partnered with Lakewest Venture Partners in Chicago. Lakewest Co-Founder David Mann will join the Dundee team, which includes Founder Mark Hasebroock and Partners Beth Engel and Greg Beaufait.

Mann and his fellow Lakewest co-founders, Buzz Ruttenberg and Jonathan McCulloch, will continue to manage the firm’s $3 million inaugural fund, which focuses on Chicago startups, while also providing strategic advice to Dundee’s third fund, which is targeted at $30 million.