Ahoy Capital has committed nearly all of its debut fund of funds and is in the early stages of marketing a new vehicle with a target of $75 million, according to a source familiar with the effort.
Chris Douvos, general partner of the fund, declined to comment.
The new vehicle will be called Ahoy Spinnaker Fund and will split its investments 50/50 between venture funds and direct investments, the source said. About 75-80 percent of Ahoy’s prior fund went to fund commitments and the remainder directly into startups.
Ahoy is keen to boost direct investments in light of the economic downturn. It expects to “get access to deals it wouldn’t otherwise get access to,” the source said.
The Palo Alto, California, firm is partial to so-called deep technology companies, particularly those focused on robotics and autonomy. Its portfolio includes Canvas, a construction robotics company; Elroy Air, which provides aerial delivery services via autonomous drones; and Roam, which makes robotic exoskeletons for human mobility.
Most recently, Ahoy participated in a Series B round on April 28 for Enview, a 3D geospatial analytics company. Crosslink Capital led the round, which included BrightCap Ventures and angel investor Toivo Annus. The size of the investment was undisclosed.
With regard to fund investments, Ahoy will continue to focus on small, early-stage funds. It is an LP in funds from Data Collective, First Round Capital and True Ventures, the source said.
Despite the downturn, Ahoy is optimistic about raising a new vehicle. Its LP base is primarily made up of mid-size endowments and foundations. A number of existing LPs have verbally committed to the new vehicle, the source said.
Ahoy closed on about $64 million last year for its first independent fund, Ahoy Capital Seed Technology Partners IV LP. When Douvos spun out of Venture Investment Associates in 2018 he lifted out three funds raised while at VIA, and those funds formed the foundation of Ahoy.
For more on Ahoy, read Venture Capital Journal’s 2019 Q&A with Douvos.