Conversion Capital wraps largest fund yet at $122m

Fund III's limited partners include institutions, family offices and more than a dozen founders.

  • Previous two funds raised $30 million combined
  • New fund will back early-stage fintech and infrastructure startups
  • Fund III expects to invest in 25 to 30 pre-seed to Series A fintech companies

Conversion Capital, an early-stage venture firm, has closed on $122 million for its third and by far largest fund to date.

Conversion raised a debut fund of $10 million 2015 and and a sophomore fund of $20 million in 2017, according to PitchBook.

Fund III’s limited partners include institutions, family offices and more than dozen founders. The fund expects to invest in 25 to 30 pre-seed to Series A fintech companies working on software, cloud infrastructure and data technologies.

“We are focusing our capital on U.S. and U.K. based companies that stand to benefit from macro tailwinds and global decoupling,” founder and general partner Christian Lawless said in a statement. “Our experience drives our conviction that the U.S. will remain the epicenter of innovation. Previous market corrections have proven we have the most resilient economy in the world.”

Lawless launched Conversion after leaving leadership positions in capital markets at Lehman Brothers and Nomura.

“Twenty years ago, every company set out to become a technology company with the adoption of Web and mobile,” Lawless said. “Today, we’re seeing a continuation and acceleration of an even larger platform shift. The industries that drive our national GDP were slower to make this transition, but with Cloud 3.0 came advancements in security and functionality, and this represents an enormous investment opportunity.”

The firm writes initial checks ranging from $500,000 to $5 million into pre-seed through Series A companies. Since 2015, Conversion has funded more than 60 startups.

The firm has offices in Austin, Texas, New York, San Francisco and Washington, D.C.