Many emerging businesses have good ideas, products or services and demonstrate revenue growth but lack the money and mentorship to take the next steps in a company’s life cycle.

Local venture capitalist Shane Erickson is hoping to help those companies bridge that “capital gap” to become a mature business through a new investment fund run by his business, Traction Capital.

Erickson raised $5 million as of March 5 for Focus Fund I and is hoping that it will end up with $15 million through successive financing rounds. He plans to invest primarily in Minnesota companies and make the fund’s first investment sometime in August, with more by the end of the year.