Drive Capital was founded in 2013 by Mark Kvamme and Chris Olsen, both formerly of Sequoia Capital.[2] The firm primarily invests in tech startups outside Silicon Valley.[3] Drive Capital has invested in various companies based in the United States and Canada.
The firm's investments include Root Insurance Company,[4] Duolingo,[5] Olive,[6] Greenlight, Civis Analytics,[7] Udacity,[8] Path Robotics,[9] and Vecna Robotics.[10] The organization's programs focus on establishing entrepreneurial ecosystems with a goal to support new businesses and solidify a base of operation in the midwestern United States, rather than refocusing financial investment opportunities outside the region.[11][12]
In February 2014, the firm established its first $250 million venture capital fund, Drive Capital Fund I. In September 2016, the firm began investing from its second $300 million fund.[13] In January 2020, the firm established its first $301 million expansion stage fund, Overdrive Fund I. The four funds bring the firms assets under management to $1.2 billion.[14]