Crossbeam Venture Partners has closed its second fund at $70 million. The fund’s backers include Eldridge, Carta, Moelis Asset Management, Group 1001, and Social Leverage. Crossbeam invests in pre-seed and Series A startups “building tomorrow’s economy.”
NEW YORK, Dec. 20, 2021 /PRNewswire/ — Crossbeam Venture Partners (Crossbeam), a venture capital firm paving the way for new economies by investing across platform economies, fintech, novel asset classes, and new forms of media, today announced the close of Crossbeam II, a $70 million venture fund with a focus on early stage investments spanning from Pre-Seed through Series A. Investors include Eldridge, Carta, Moelis Asset Management, Group 1001, and Social Leverage.
The close of Crossbeam II follows the company’s first fund, Crossbeam I, which closed at $25 million in March of 2020, bringing total commitments across both funds to over $85 million and approximately $180 million with co-investments. In 18 months, Crossbeam I made 26 investments and completed $90 million of additional co-investment transactions, including a sidecar fund specifically focused on the Amazon third-party seller ecosystem. Of the 26 companies backed, five have already reached $100 million+ run rates and four others have reached $20m+ in revenue run rates. All nine of those companies have since reached profitability.
“We believe that the economy of tomorrow will look vastly different from the economy of today, which is why we are focusing our time and investments on fueling companies and founders who are not only innovating but creating entirely new industries,” said Ali Hamed, Investment Committee Member at Crossbeam. “Closing Crossbeam II in only three weeks was validation of the speed we are capable of operating at, the themes we’ve been focusing on, the team we’ve built, and the direction in which we are headed.”
This close will allow Crossbeam to further expand its team, which includes Investment Associate Sakib Jamal and recent new hires of Ryan Morgan as Managing Director and Alex Notis as Associate, and further strengthen the firm’s ability to support companies within platform economies.
About Crossbeam Venture Partners
Crossbeam Venture Partners (Crossbeam) is a venture capital firm that invests in Pre-Seed and Series A startups building tomorrow’s economy. Focused on the themes of platform economies, fintech, novel asset classes, and new forms of media, Crossbeam is built to back companies of the next generation economy and the small businesses of tomorrow. For more information, visit https://crossbeam.vc/.