Cortado Ventures announced that it has begun the final close of its oversubscribed $80 million seed Fund II. The Oklahoma City-based venture capital firm launched its second fund last year with the intent of bringing innovation and ingenuity to energy and logistics, life sciences, and the future of work sectors.
This funding close will bring Cortado’s total assets under management (AUM) to over $110 million in less than three years, making it one of the largest in the region and the largest venture capital firm of its kind in Oklahoma.
“Cortado Ventures’ Fund II is four-times larger than our Fund I, which reflects a maturing startup ecosystem and the solidification of Oklahoma and the region within the VC arena, especially in this current market,” said Nathaniel Harding, Cortado Ventures managing partner.
“We launched the firm to build next generation companies that will bring future-ready technology jobs to the region. There has been high interest in both Fund I and II creating a momentum that has captured the attention of many throughout Oklahoma, the Midcontinent and beyond.”
To date, Cortado has invested in nine new companies from Fund II with a goal of 30 during the investment period with high interest from investors in the region. Nearly 100 limited partners have made investments, including the Southwestern Oklahoma State University Foundation, WatersEdge Foundation, Presbyterian Health Foundation, and Citizens Bank of Edmond, among others.
Recently, Cortado’s Fund II has invested in companies with Oklahoma and Midcontinent bases or strong ties, including Moat Biotechnology, which is developing nasal and oral vaccines for a number of infectious diseases, including SARS-Cov2; NUVIEW, revolutionizing the Earth observation industry by building the first commercial satellites designed to map the planet’s entire land surface with LiDAR; PayFactory, whose technology provides infrastructure enabling software companies to become payment facilitators; Lumata Health, a technology-driven company focused on preventing blindness from chronic eye conditions; oPRO.ai, enhancing refinery and manufacturing process with artificial intelligence; and Motive, creating an all-in-one automotive retail experience.
Cortado’s Fund I, which closed in 2021 and raised $20 million, has invested in 28 companies to date, culminating in more than $700 million total enterprise value and creating more than 100 high-paying technology jobs.
“Cortado’s closing of Fund II is a game-changer for Oklahoma. It demonstrates continued confidence in Cortado’s investment abilities and excitement about Oklahoma’s expanding technology ecosystem. This is the type of success our state can build on,” said Sean Kouplen, Chairman & CEO of Regent Bank and former Oklahoma secretary of commerce & workforce development.
Cortado Ventures is an early-stage venture capital firm that invests in ambitious, growth-driven companies, backing a new generation of economic prosperity for Oklahoma and the Midcontinent region, defined as Oklahoma, Texas, Arkansas, Missouri, Colorado, Kansas and New Mexico.
Source: press release