Drive Capital raised $300 million for Drive Capital Fund II, hitting its cap, the firm said.

The fund was targeted at $250 million, according to a previous filing from March. That’s the same amount Drive raised for its inaugural fund, which was launched in 2013.

Drive was founded by Mark Kvamme and Chris Olsen, both formerly of Menlo Park, California’s Sequoia Capital. Columbus, Ohio-based Drive invests in Midwest-based tech and healthcare startups. The firm is close to making an initial investment from the second fund, in a non-Midwest startup that would probably move to Columbus, according to Columbus Business First.

Olsen told the Chicago Tribune that he and his partners are looking to invest “at any stage of evolution of entrepreneurs, “making commitments” as low as $30,000 up to as much as $30 million.”

Update: The firm responded to a request for comment, saying it hit its cap at $300 million for Fund II.

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Drive Capital raises $300 mln for second fund

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