Ludlow Ventures Is Building A VC Empire In Detroit

Detroit-based Ludlow Ventures is raising a second venture fund. The firm is targeting a $40 million raise and has already secured $25 million from several investors, including Quicken Loans founder (and Cleveland Cavaliers owner) Dan Gilbert.

Jonathon Triest, Ludlow's founder and managing partner, said his team is invested in wireless power startup uBeam, HUD maker Navdy, Product Hunt and Sprig, an organic food delivery service.

In an interview with Benzinga, Triest said he's focused on building a portfolio of passionate startups.

Ludlow's 70-plus company portfolio also includes customer density monitoring company Density and Ambassador, a SaaS player that quadrupled its headcount in 2015 while tripling revenue.

Triest said Ludlow's strategy is to invest in a combination of software and hardware companies.

Also of note, Triest and Ludlow manage their portfolio from downtown Detroit, working out of the Gilbert-owned Madison Building. The firm's success is "further proof that you can build any company and potentially industry in Detroit," said Benzinga CEO Jason Raznick, whose headquarters are also located downtown.

"Jonathon is a hustler. He has the grit and tenacity needed to be successful."

Check out Ludlow's website here.