Startups
Entrepreneurs / Investing / Technical.ly / Venture capital

Venture firm MissionOG has raised a $9M fund, is actively raising more

The firm has made five investments, most of which are local, and focuses on working closely with its portfolio companies on an ongoing basis.

From the MissionOG Facebook page. (Courtesy image)

Mission Operators Group (MissionOG), the Center City venture firm that has backed four Philadelphia startups, has raised $9 million for its fund, according to SEC filings (here and here). The firm is actively raising right now, partner George Krautzel confirmed.

The filing says that the firm is raising up to $49 million, though Krautzel said he couldn’t elaborate on the details of the raise because of SEC rules.

Launched roughly 18 months ago, MissionOG has made five investments (four local and one in the United Kingdom) in financial tech, software and services and content and media startups.

That small number, instead of say, 15 or 20 investments, is by design: MissionOG prioritizes an “operator’s approach,” as Krautzel puts it, which means that MissionOG’s partners, all of whom are former entrepreneurs, work with portfolio companies on an ongoing basis. Some partners have even taken roles within portfolio companies — Krautzel, 41, of Unionville, Pa., is the COO of portfolio company Cloudamize, and partner Kevin O’Nell is the CEO of portfolio company PeopleLinx.

It’s an approach that’s different from that of other VCs, Krautzel said, who might instead have an entrepreneur in residence to work with startups. Still, Krautzel said it’s been a recent trend to add “operational talent” to venture firms.

Krautzel himself founded social media company ITtoolbox, which he sold for $59 million to Corporate Executive Board in 2007. His three other partners at MissionOG — O’Nell, Andy Newcomb and Drew Kese — all worked at prepaid card startup Ecount, which they sold to Citi in 2007. This “been there, done that” expertise is crucial to MissionOG’s goal of working closely with portfolio companies, Krautzel said.

MissionOG only invests in companies that have made it to the commercialization and revenue stage. For a seed investment, they’ll invest $250,000 to $500,000, and for a Series A, they’ll invest “a couple million” dollars, Krautzel said.

Though the bulk of their deals have been local, MissionOG is also looking outside of the market, Krautzel said. But starting in Philadelphia was an important step.

“It’s important to win locally in order to win in other places,” he said.

They’ve also been working with private equity firms and later-stage venture firms to source deals, Krautzel said. Those firms will come to MissionOG with a deal that’s too early for them, he said, and look at MissionOG as a way to get those companies to grow faster, so they can get to a point where they can make an investment.

The firm made a big-name addition this summer with Gene Lockhart, the former CEO of Mastercard. The MissionOG advisory board also has local names like Pet360 CEO Brock Weatherup and Relay CEO Matt Gillin.

Companies: Cloudamize / MissionOG / PeopleLinx

Before you go...

Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.

3 ways to support our work:
  • Contribute to the Journalism Fund. Charitable giving ensures our information remains free and accessible for residents to discover workforce programs and entrepreneurship pathways. This includes philanthropic grants and individual tax-deductible donations from readers like you.
  • Use our Preferred Partners. Our directory of vetted providers offers high-quality recommendations for services our readers need, and each referral supports our journalism.
  • Use our services. If you need entrepreneurs and tech leaders to buy your services, are seeking technologists to hire or want more professionals to know about your ecosystem, Technical.ly has the biggest and most engaged audience in the mid-Atlantic. We help companies tell their stories and answer big questions to meet and serve our community.
The journalism fund Preferred partners Our services
Engagement

Join our growing Slack community

Join 5,000 tech professionals and entrepreneurs in our community Slack today!

Trending

Philly startup Burro aims to revolutionize farming with robots

Philly is ranked one of the world’s best places to found a startup, climbing to No. 25 globally

Ghost Robotics is landing a $240M exit, dodging months of protests over military uses

As a returning citizen, she experienced tech overload. Now she’s fighting to end the digital divide

Technically Media