Early-stage tech funding firm Chicago Ventures, which is based in the Greater Midwest, said that it acquired $40 million in funding from investors including JB Pritzker, Pat Ryan, Jr., Stuart Larkins and Kevin Willer, and The Duchossois Group.

Chicago Ventures, previously i2A Fund II, focuses its venture fund towards the "next wave of innovative technology" according to the company. Forming partnerships with startups, Chicago Ventures provide early stage companies financing.

"We are thrilled to announce the final close of this early-stage fund and our new name, Chicago Ventures," said Stuart Larkins, partner at Chicago. Larkins also work as an Internet entrepreneur. "Chicago is ripe with promising technology startups and we look forward to partnering with exceptional entrepreneurs to build the next generation of great Chicago companies," he adds.

Bob Fealy, president of investing firm The Duchossois Group is chairman of the fund. He said that, "Chicago Ventures brings together an experienced operating team and investor group, each with impressive histories of success, who provide not only their capital but also their connections and mentorship to our portfolio companies to help them succeed,"