Next Level Ventures has formed a second investment fund, which was approved for tax credits Friday by the Iowa Economic Development Authority board. Next Level Ventures Fund II LLLP is expected to be in the range of the $40 million first fund, according to state documents. The first fund was certified in 2013 and has backed 11 Iowa-based companies, including Dwolla, Igor and WebCareHealth. IEDA has backed these types of funds because of state-sponsored studies that showed Iowa lagged in venture capital funding. Next Level Ventures declined to comment. Next Level received the 2018 LWBJ Impact Award, which recognizes individuals or organizations who have had a significant impact on Iowa’s technology culture and industry. To read a Business Record Insider article about Next Level Ventures, click here.