Business leaders create $5.7M fund for startups

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Updated: March 2, 2012 8:18AM

An investment fund created by 42 of Chicago’s most influential business leaders, including Morningstar CEO Joe Mansueto and New World Ventures head J.B. Pritzker, will pour $5.7 million into promising digital start-up companies.

Called the FireStarter Fund, the early-stage investment fund will provide financial capital ranging from $25,000 to $500,000 in companies the leaders sponsor, said Matt Moog, CEO of Viewpoints Network, head of tech networking group BuiltInChicago.org and chairman of a project to open a technology center in the Merchandise Mart this spring.

Of the 42 founders, Moog said, “We all have direct experience founding, operating and investing in digital technology-based businesses that leverage the developments of the past 40 years.

“We owe a debt to the innovators who came before us, and it is a debt we intend to repay by helping to fund promising new ideas and the entrepreneurs who have the passion and the drive to see their ideas become reality,” he said.

Moog said Tuesday he started seeking support for the fund this past summer, and believes this is the perfect time for it since digital startups are growing so rapidly in Chicago.

“It’s to the point where one is starting nearly every other day,” he said.

At least 20 companies have approached the fund’s members already.

Moog said a majority of the fund’s members who vote on an investment must approve it.

Moog said the fund has no intention of competing with others in Chicago, such as Hyde Park Angels, Wildcat Angels and Cornerstone Angels.

“We are very unlikely to be the sole funder of a company so we expect to coinvest with those other funds,” Moog said.

Administrative members:

Brian Hand, co-founder & chairman of Timelines, founder of ShopLocal.

Troy Henikoff, co-founder & CEO of Excelerate Labs; founder of SurePayroll.

Matt Moog, Founder & CEO of Viewpoints.com & BuiltInChicago.org.

Sam Yagan, founder & CEO of OkCupid; co-dounder of Excelerate Labs.

Members

Shradha Agarwal, co-founder , chief strategy officer, ContextMedia.

Stopher Bartol, founder & CEO of Legacy.com.

Alex Campbell, co-founder of Vibes Media.

Cary Chessick, founder & CEO of Restaurant.com.

Jamie Crouthamel, founder of Old Town Capital; founder of Performics.

Brandon Cruz, co-Founder & President of Norvax.

George Deeb, managing director, Red Rocket Venture Partners; founder of iExplore.

Steve Farsht, COO of Tap.me.

Michael Fassnacht, president of DraftFCB Chicago; founder & CEO of Loyalty Matrix.

Gian Fulgoni, executive chairman and co-founder of comScore.

Harry Gottlieb, founder & chairman of Jellyvision.

Dan Hess, co-founder & CEO of Local Offer Network.

Adrian Holovaty, founder of Everyblock; co-creator, Django Web framework.

Marc Kiven, founder & CRO of BrightTag.

Larry Kaplan, CEO of Eudora Global.

Eric Langshur, co-founder of Abundant Venture Partners; founder of CarePages and Rise Health.

Stuart Larkins, managing director of I2A Fund.

Jeff Lee, co-founder of Maven Ware; co-founder & CEO of Fathom Solutions.

Eric Lunt, CTO of BrightTag; co-founder of Feedburner.

Joe Mansueto, founder & CEO of Morningstar.

Alicia Mullen, founder of Washing Pond Ventures.

Brian Newman, director of ScrollMotion.

Jack Philbin, co-founder of Vibes Media.

J.B. Pritzker managing partner of The Pritzker Group.

Dan Ratner, former COO/CTO of Sittercity.

Bruce Rauner, principal of GTCR.

Shawn Riegsecker, founder & CEO of Centro.

Mike Sands, co-founder, CEO of BrightTag.

Ed Scanlan, founder & chairman of Total Attorney.

Rishi Shah, founder & CEO of ContextMedia.

Vikram Sharma, CEO of Gannett Digital Marketing Services & CEO of ShopLocal.

Jai Shekawat, founder & CEO of Fieldglass & co-founder of Quinnox.

Matt Spiegel, CEO of Tap.me; founder.

Jim Streibich, cairman of Channel IQ.

Andrew Swinand, co-founder, Abundant Venture Partners

Mark Tebbe, director at Lake Capital; founder of Answers; founder of Lante

Genevieve Thiers, co-founder of Contact Karma, founder Sittercity.

Kevin Willer, CEO of Chicagoland Entrepreneurial Center.

Alan Warms, founder Appolicious; founder Participate Systems/BuzzTracker.

Tony Weisman, president of Digitas Chicago-Boston-Detroit Region.