U.S.-based private equity firm Poplar Ventures has inaugurated a new venture capital (VC) fund.

The new fund, Poplar Ventures LP., will focus on investing in early growth stage, cloud-based software technology companies in middle America.

Poplar Ventures, which closed the initial tranche with $17 million, expects the final close by the second quarter of this year.

The investments came from backers including successful business people from a variety of industries, and a group of C-suite software executives.