137 Ventures Fund IV closes on $210 mln

137 Ventures said March 12 that its fourth fund closed on $210 million. Ching Wu joined 137 as an operating partner and head of investor relations, while the firm promoted Andrew Hansen to operating partner, COO and CFO. 137 ventures, of San Francisco, provides liquidity solutions to founders, investors, and early employees of high-growth companies.

PRESS RELEASE

SAN FRANCISCO, March 12, 2019 /PRNewswire/ — Growth-stage, venture-capital firm 137 Ventures announced today the closing of its fourth fund at $210 million, bringing it to more than $1 billion in assets under management. The firm also recruited Ching Wu to join as operating partner and head of investor relations and promoted Andrew Hansen to operating partner, COO and CFO.

Justin Fishner-Wolfson and S. Alexander Jacobson founded 137 Ventures in 2011 to provide liquidity solutions to founders and early employees of fast-growing, private companies with sustainable competitive advantages. These companies are generally post-Series C and are rapidly scaling with proven business models. Across four funds and multiple co-investment vehicles, the firm has built a portfolio of companies spanning a broad range of sectors. Its largest positions are in SpaceX, Wish, Flexport and Gusto. In addition to the founding partners, the investment team is comprised of Andrew Laszlo, Elizabeth Weil, Nicholas Procaccini and James Pardee.
“We are riding a trend that sees high-growth technology companies staying private longer and longer. As such, founders are seeking 137 Ventures’ innovative liquidity solutions that offer greater benefits than traditional secondary stock sales. We help early employees get the liquidity they need to buy a home or pay for their kid’s college tuition while retaining more equity upside, keeping their voting rights, deferring tax payments, and abiding by all their company compliance and transfer restrictions. Since opening our doors, our investments in iconic tech companies have primarily come from founders referring us to other founders,” said Fishner-Wolfson, managing partner of 137 Ventures.
About Fund 4
Closed in early 2018 at $210 million, the fund is backed by institutional limited partners that include leading endowments, foundations, and family offices. The fund aims to continue the investment strategy launched in 2011 of investing in capital-efficient, high-growth companies primarily by providing customized liquidity solutions to their founders, investors, and early employees.
New Operating Partner, Head of Investor Relations
Ching Wu joined 137 Ventures in March 2019 after serving 17 years as partner of marketing and investor relations at Canvas Ventures and Morgenthaler Ventures. She led the fundraising efforts at Canvas and worked closely with portfolio companies at this leading early-stage, venture-capital firm. Prior to Canvas, Wu held director of marketing communications roles at technology startups such as Marimba (IPO in 1999) and Illustra Technologies (acquired by Informix). She also served in senior marketing positions at Sun Microsystems and account management at Ogilvy & Mather. Her responsibilities at 137 Ventures include fundraising, marketing, and supporting 137 Ventures’ portfolio companies.
Promotion to Operating Partner, COO and CFO
Andrew Hansen was promoted to operating partner, COO and CFO in February 2019 after six years as 137 Ventures’ CFO. Previously, he worked at Founders Fund where he managed the operations of the firm, including building the finance staff, creating policies and procedures, and implementing systems to scale the organization’s operations from $50 million to over $1.5 billion in assets under management. Prior to Founders Fund, Hansen was a senior accountant in alternative fund services at HSBC where he was responsible for providing administration and financial support for several hedge funds and related investment vehicles with over $3 billion in assets under management. At 137 Ventures, Hansen is responsible for the firm’s compliance program and the finance and administration departments.
About 137 Ventures
137 Ventures is a leading provider of customized liquidity solutions to founders, investors, and early employees of growth-stage, private technology companies. The firm structures transactions to align its interests with those of shareholders and their companies, while simultaneously offering market-leading, risk-adjusted returns to its investors. In addition to personalized liquidity solutions, 137 Ventures also participates in primary, direct equity-financing rounds. Founded in 2011, the firm has raised four core funds and several co-investment vehicles, representing more than $1 billion in assets under management.