Draper Triangle Ventures announces first close on a planned third fund.

Draper Triangle Ventures announced on Thursday that it has completed a first close on a planned third fund.The new fund, which has a targeted size of $75 million to $100 million, will make early stage investments in technology companies in Western Pennsylvania, Ohio, Michigan and other parts of the Midwest. The firm has closed on about $40 million so far, principally from institutional limited partners who invested in its prior funds.

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