$100 Million Venture Capital Fund to bring needed capital to high-growth companies in underserved Midwest markets

September 15, 2004 - Chicago - Woodland Venture Management, a venture capital and private equity management firm, has announced that Hopewell Ventures, the firm’s latest fund, has been licensed by the U.S. Small Business Administration as a Small Business Investment Company (SBIC). Hopewell’s $100 million fund is being invested primarily in Midwest early-stage growth companies across a broad range of industries.

"There is a real need for additional capital in the historically underserved Midwest and we look forward to leading the industry in this undercapitalized market," said Bill Sutter, Hopewell Ventures Partner.

At $100 million, Hopewell is one of the larger regionally focused funds in the Midwest. While not exclusively restricted to Midwest investments, the firm intends to focus primarily in the area from Ohio to Nebraska for companies at various stages of development from early-growth through change of control. Hopewell currently has two portfolio companies including TL Contact, a provider of private patient web services to health care institutions, and iTRACS, a leading supplier of intelligent physical layer network infrastructure.

"The SBA imposes an appropriately rigorous process for any firm desiring to operate as a Small Business Investment Company and we’re pleased they have granted our license," added Craig Overmyer, Hopewell Ventures Partner.

Woodland’s first fund, Adena Ventures, is a $34 million Venture Capital fund successfully following a regionally-targeted strategy in the Appalachian region of Ohio, West Virginia, Maryland and Kentucky. It currently has six portfolio companies including Butterfly.net, Vested Health and Ed Map.

Hopewell is headquartered in Chicago, with a second office in Peoria, Illinois. Additionally, the fund has venture partner relationships in Indianapolis and Milwaukee.