SNAK Venture Partners has closed a $50M debut fund to invest in digital marketplaces, focusing on industries that haven’t yet digitized.
Chicago: SNAK Venture Partners raised $50 million to invest in businesses that connect buyers and sellers online. The company was started by Sonia Nagar and Adam Koopersmith. Sonia used to work at big companies like Amazon. They want to help industries that have not started using computers to do business yet.
Sonia said there are many businesses that still use paper and phone calls instead of computers. Industries like construction and supply chains need to start using digital tools. She thinks now is the right time for this change.
The company already gave money to six businesses. Their fund will help about 20 companies with $1 million to $2 million each. They plan to use all the money in 3 to 4 years. Some of their investors are from the government of Illinois and other marketplace companies.