Ludlow Ventures Secures $65M for Fourth Fund: A Detroit Success Story
From Regional Roots to National Impact
While venture capital firms are now ubiquitous across the U.S., building a successful VC brand outside traditional tech hubs was a significant challenge just a decade ago. Detroit-based Ludlow Ventures has defied these odds, recently filing SEC paperwork to close its fourth fund with $65 million in capital commitments.
The Visionary Behind Ludlow
Founded by Jonathon Triest, Ludlow Ventures began as an ambitious project by a University of Michigan graduate who returned to his Detroit roots after working as a strategic marketing consultant for Sony-BMG in Atlanta. Key aspects of Ludlow’s origin story:
- Started with deal-by-deal investments leveraging local networks
- Early support from prominent investors like Dan Gilbert (Quicken Loans founder)
- Gradually attracted institutional backers including Vintage Investment Partners and Foundry Group
Investment Strategy and Portfolio Highlights
Though initially perceived as a regional player, Ludlow has expanded its footprint nationwide with a diverse portfolio:
Recent Investments:
- Umba: $2M seed round for Lagos-based digital banking platform
- Welcome: HR software startup focused on employee retention
- Boulevard: Spa management and payment platform
- Lightyear: Networking infrastructure procurement solution
Notable Exits:
- Honey: Acquired by PayPal for $4 billion (2019)
- Flywheel: WordPress acquisition for $150 million
- Product Hunt: AngelList purchase for $20 million
Current Portfolio Standouts
Ludlow maintains stakes in several high-growth companies:
- Notarize: Online notary platform that raised $80M+
- 100 Thieves: E-sports brand valued at $160M (2019)
- StockX: Resale marketplace now valued at $2.8B
The Team Driving Success
The firm’s leadership includes:
- Jonathon Triest: Founder
- Brett deMarrais: Partner since 2012
- Blake Robbins: Promoted to partner in 2019
Fund History and Growth
Ludlow’s consistent fundraising demonstrates investor confidence:
- Fund III (2019): $45 million
- Fund II (2017): $45 million
- Fund I (2014): $15.5 million
Illustration courtesy of Ludlow Ventures, featuring partners Triest, deMarrais, and Robbins.
Ludlow Ventures’ journey from a Detroit-based startup to a nationally recognized seed-stage investor showcases how strategic vision and network-building can create venture success beyond traditional tech hubs.
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