Commerce Ventures holds initial close on Fund II

San Francisco-based Commerce Ventures, which focuses on retail and fintech technologies, has raised $25.595 million toward a $40 million fund, according to a regulatory filing. The filing reports the commitments have come from 30 investors. The fund target is twice the size of Fund I, which raised $20 million in 2013, according to data from Thomson Reuters.

Commerce Ventures was founded by General Partner Dan Rosen, who was with Highland Capital Partners for six years.