Conway’s A.Capital targets $140 mln for third fund in five years

A.Capital Ventures has set out to raise a $140 million third venture capital fund.

The fund has not reported a first close, according to a filing with the SEC.

Based in Menlo Park, California, A.Capital was founded in 2014 by Ronny Conway. VCJ was unable to find SEC filings for its first two funds, but CrunchBase reports that the firm raised $51 million for its debut fund in February 2014 and $140 million for Fund II in December 2015.

The firm has invested at a brisk pace. Its website shows that its portfolio includes 36 companies. Among its recent investments, it participated in a $3.25 million round for cloud storage company Nebulous on July 10 and a $9.5 million Series A round for “personal insurance shopper” service Gabi on Feb. 21, 2018.

The regulatory filing lists Conway as “managing member of the general partner.” The filing does not include the names of the two other general partners listed A.Capital’s website: Ramu Arunachalam, who was previously a partner at Andreessen Horowitz, and Kartik Talwar, who was previously an investor at SV Angel, an angel fund founded by Conway’s father, Ron Conway.

A.Capital’s website doesn’t specify if the firm focuses on any particular sectors, stating simply that it “partners with companies aiming to create a new future.”

Prior to founding A.Capital, Conway was a partner at Andreessen Horowitz, where he was “head of seed and early-stage investing and was involved in such high profile investments as Airbnb, Instagram, Optimizely, Pinterest, Dollar Shave Club and Twitter,” according to his biography.

Reporting by Lawrence Aragon and Mark Boslet.