Ludlow Ventures is set to raise its second venture fund. The early-stage venture firm in Detroit is targeting $40 million, despite the fact that a new SEC filing suggests that the company would be happy to raise $55 million. The firm has already secured $25 million from several family offices, as well as from high net-worth individuals.
Among those individuals is Dan Gilbert, the founder of Quicken Loans and the owner of the Cleveland Cavaliers. Ludlow Ventures is expected to continue in scouring deals both near and far, with another deal being expected to close within the next thirty days or less. It is also worth noting that two small exits have taken place to date: the Republic Project sale and the Cucumbertown sale.
