A pair of Austin Ventures veterans announced they have started Elsewhere Partners, a Texas-based growth-stage firm targeting business software companies outside the country’s traditional venture-capital hubs.

The investors, Chris Pacitti and John Thornton, both general partners at Austin Ventures and now partners at Elsewhere, are joined by Sam Kentor, formerly with JMI Equity.

Elsewhere so far has invested $30 million, though it did not release the size of its fund in a press release. It said it will typically make seven-figure investments in companies with at least a $4 million revenue run rate and growth of at least 40 percent. Targets will generally have raised less than $10 million of prior funding.

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