Gateway Capital, a Milwaukee-based venture capital firm, has announced the first close of its $25 million Fund II, allowing the company to commence investment operations with its latest fund.

The venture firm was founded by Dana Guthrie and is based in Milwaukee, Wisconsin. The first close represents a significant milestone for the firm as it expands its investment capabilities.

Fund II represents Gateway Capital's second investment vehicle, though details about the firm's previous fund performance and investment focus were not disclosed. The $25 million target size positions the fund in the smaller end of the venture capital market.

The completion of the first close means Gateway Capital can now begin deploying capital from Fund II to potential portfolio companies. Venture capital funds typically continue raising money toward their target amount even after achieving first close, allowing them to start investing while still fundraising.