IT investor draws $100m

American River Ventures, a Sacramento, California venture capital firm, has raised a fund to invest in early stage information technology companies.

Sacramento, California-based venture capital firm American River Ventures has raised $100 million (€80 million) for its fund, American River Ventures I, to invest in early stage information technology companies.

The firm’s geographic focus is on the ‘Interstate 80 corridor from Oakland to Reno,’ according to a press release.

The firm was co-founded by John Kunhart, formerly of Professional Solutions, an IT consulting and staffing company; Harry Laswell, a former managing director of Intel Capital, the venture arm of Intel; Corley Phillips, a seed investor in early stage companies.

The new fund was oversubscribed at closing, according to the firm. Sacramento-based California Public Employees’ Retirement System (CalPERS) is the lead investor.