Firms & Funds

Fundraising recap: Chicago’s Corazon Capital scores $37 mln for second fund, and much more

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Dan Demeglio, race and sports book supervisor, cashes a 200-to-1 future bet for Doug O'Neill, trainer of Kentucky Derby winner "I'll Have Another", at the Primm Valley Casino in Primm, Nevada June 25, 2012. O'Neill won $20,000 for his $100 bet, which he made in February, that the horse would win the Kentucky Derby. REUTERS/Las Vegas Sun/Steve Marcus (UNITED STATES - Tags: SPORT HORSE RACING)

The fourth quarter got off to a slow start for venture firm fundraising, as only a handful of firms reported closes or filed to raise new vehicles.

One of the more notable fund announcements came from Chicago-based venture firm Corazon Capital, which raised $37 million for its second fund from 38 investors, according to a regulatory filing. The target is $39.9 million.

The firm is led by OkCupid co-founder Sam Yagan and Chicago venture investor and tech executive Steven Farsht.

Corazon, which raised $13 million for its first fund, invests in Chicago-area startups. “You’ll see us writing bigger checks,” Yagan told Crain’s. “In our first fund, we’d do $150,000 to $250,000. Now it will be more like $250,000 to $500,000.”

Here’s a weekly roundup of other venture fundraising activities from last week, based on original reporting and VCJ analysis of regulatory filings. Included at the bottom is a downloadable Excel file of firms in registration, as compiled by VCJ:

  • Better Ventures has raised more than $18 million for its second venture fund, according to a regulatory filing. The target is $30 million. The firm focuses on companies based in the San Francisco Bay Area, with an emphasis on Oakland and Berkeley i the East Bay.
  • BioVentures Investors, which had targeted to raise $100 million for its fourth fund, has raised $87 million, according to a press release. Fund IV will focus on medical tech companies.
  • New York-based Haystack Partners, led by Thomas Lehrman, is seeking $40 million, according to a regulatory filing.
  • KiwiVenture Partners, the venture capital arm of KiwiTech LLC, is targeting $50 million for its second fund, according to a regulatory filing. The firm, based in the Washington, D.C, area, raised $2.5 million for its inaugural fund in 2014 and specializes in seed-stage and startup companies that rely on mobile technology.

Downloadable Data: funds-in-registration-as-of-oct-10-2016

Photo of money being counted courtesy of Reuters/Las Vegas Sun/Steve Marcus