PactSafe CEO: ‘A Lot’ of VC Investors Interested in Indiana
The founder of Indianapolis-based PactSafe Inc. says the perception that venture capital is hard to come by in Indiana is diminishing. Chief Executive Officer Brian Powers, whose cloud-based contract platform company just announced a $5.5 million Series A round of funding, says the growing technology ecosystem in central Indiana is becoming "less and less of a secret" and investors are taking notice. PactSafe’s co-lead investors in the new round have offices in Utah, Texas and Michigan. In an interview with Inside INdiana Business, Powers said venture capitalists from all over have Indianapolis on their radar.
"What we’ve found and continue to find is that there is a lot of interest from both coast VCs and non-coastal VCs to make investments inside of this eco-system — the Midwest, in general, but particularly this eco-system, you know, central Indiana/Indianapolis is becoming less and less of a secret of hidden gem," he said. "The venture capitalists that we’ve partnered with are making a concerted effort as part of their business models to invest between the coasts and we see a lot more of that."
Powers adds central Indiana possesses a "very strong talent base" to launch tech businesses. He also said growth philosophies in the Midwest are different than those on the coasts, a trait investors are noticing, "so that you’re not building that rocket ship that’s going to go straight up and explode, you’re going to build one that gets to the point, you know, that you’re supposed to be going."
PactSafe Inc. Chief Executive Officer Brian Powers said venture capitalists from all over have the Midwest — and the Indianapolis area, in particular — on their radar.