“If you want to create jobs, you can’t just focus on Silicon Valley, New York and Boston,” AOL founder and billionaire Steve Case told Recode earlier this year. “And you can’t just focus on tech, you have to focus on other sectors.”
Now Case is pulled together the dollars to further test that thesis, Forbes reports. Case’s Washington, D.C.-based venture capital firm, Revolution Growth, announced yesterday that it has raised $525 million for its latest fund, which will focus on pre-unicorn, high-growth companies looking for cash infusions of $25-$50 million. The twist: Revolution plans to avoid Silicon Valley and its ilk, instead looking for startups in flyover country.
That approach is reflected in Revolution’s current portfolio, which includes companies such as Sweetgreen (based in Los Angeles) and Shinola (based in Detroit). Case is currently touring the country to promote his latest book, Rise of the Rest, which highlights innovation in cities that are not known as startup hubs. AH