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Is Ohio the Next Silicon Valley?

Columbus-based venture capital firm raises $350 million

Business Insider is reporting that two ex-Sequoia investors have raised $350 million to invest in Midwestern startups.

Mark Kvamme left Sequoia nearly a decade ago and, after a brief stint in Ohio Governor John Kasich’s cabinet, invited Chris Olsen—another Sequoia alumni—to join him in Columbus. The two created Drive Capital, with a focus on investing in early-stage, Midwestern startups.

While Silicon Valley may be the hub of the tech industry, more and more companies are beginning to look outside the Valley in recent years. Real estate costs, both for companies and their employers, have become increasingly prohibitive. Cost of living has made it difficult for even well-paid employees to make a success of it. With so many companies in such close proximity, there’s a much greater chance of seeing top talent poached by a rival across the street.

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