Ohio's Drive Capital moves forward as co-founder Mark Kvamme takes detour

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Ohio's Drive Capital moves forward as co-founder Mark Kvamme takes detour
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Mark Kvamme, a longtime friend and ally of John Kasich, may challenge Sen. Sherrod Brown.

"Ohio is where venture capitalists go to die, and you're not ready to die yet."

Since then, Drive has amassed $2.2 billion in AUM, backed several unicorns and expanded its two-person team to nearly three dozen. This came as news to Drive's limited partners, who'd been told that Kvamme not only would remain a general partner with Drive's current fund, but also that he'd signed a separation agreement that would prohibit him from raising a competitive fund to Drive.. It included the line: "All of us at Drive were surprised by this news."

Or, as Kvamme put it: They were not aware I was officially fundraising [because] I am not... I'm just talking to folks about the potential of the fund and getting peoples interest in the possibility." He adds that he's always been intrigued in aiding Ohio's economic development by forming the idea of something like Temasek, but that he believes it would need to be funded by Ohio individuals and institutions.

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