4490 Ventures, a technology-focused, early-stage venture capital fund located in Madison, recently announced it will be making its first investment in Adobo, a Madison-based apartment rental website.
Adobo was founded by three University of Wisconsin-Madison graduates in 2012 to make the apartment rental process easier. Since then, the company has expanded to serve more cities, including St. Louis, Pittsburgh, Atlanta and Minneapolis.
4490 is a $30 million early-stage information technology fund backed by the State of Wisconsin Investment Board and Wisconsin Alumni Research Foundation. In March 2014, 4490 recruited Greg Robinson, a San Francisco Bay Area VC investor, to lead the fund as its managing director.
“Abodo is a great example of a Midwest company that understands its markets and customers as well as, if not better than, its Bay Area counterparts,” Robinson said. “As a Midwest venture fund with Silicon Valley roots, we found Abodo to be a great fit for our portfolio, and we’re looking forward to helping the company grow.”
To date, Abodo has raised more than $1.5 million, with other investors including Wisconsin-based startup accelerator Gener8tor and Rent.com co-founder Michael Taus, an early advisor who has joined Abodo as its vice president of marketing.
For more information about 4490 Ventures’ first investment announcement, check out an article from Xconomy: http://www.xconomy.com/wisconsin/2014/07/30/apartment-website-abodo-snags-4490-ventures-first-investment/.
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