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Salveo Capital Collects Capital For Legal Cannabis-Focused Fund

Katelyn Baker

Well-Known Member
Chicago-based Salveo Capital, a venture firm dedicated to legal cannabis sector, has collected the first commitments for its $25m-targeting debut fund.

Salveo Fund I has landed $1.69m from 20 unnamed LPs according to a filing with the US Securities and Exchange Commission.

The filing doesn't state whether the $25m total offering amount is a target or hard cap, but does list Rainmaker Securities as placement agent.

Spokesperson for the firm did not immediately response to a request for comment.

The firm will make investments in legal cannabis, spanning all geographies, company stages, and market segments.

Its primary focus is on ancillary products and services, including financial, payments, agriculture, operations, software, digital media, chemistry, and business services, among others.

Salveo will also make select investments into businesses that 'touch the plant', i.e. cultivation centers ,dispensaries, and infused products manufacturers.

It looks to back brands which 'will be instrumental in reshaping the image of legal cannabis, and in creating an open, unified marketplace' according to its website.

The fund is led by managing partners Jeffrey Howard and Michael Gruber.

Gruber brings over 20 years of experience working with early stage investments, particularly in the information technology, financial services, energy, and agriculture sectors, to the firm.

While, Howard previously spent 21 years on Wall Street, including working for Royal Bank of Scotland (RBS) where he was a managing director — global head of prime services.

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Full Article: Salveo Capital Collects Capital For Legal Cannabis-Focused Fund
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