HubSpot co-founder and veteran VC are hush-hush about their new fund

Ocean Propeller Fund I GP has raised about $59m toward a goal of $120m, according to a regulatory filing.

HubSpot co-founder Brian Halligan and longtime CRV partner Devdutt Yellurkar have launched a new venture capital fund called Ocean Propeller Fund.

Ocean Propeller Fund I GP has raised $58.6 million from 38 investors, an SEC filing shows. The fund, which has a Boston address, is targeting $120 million.

The focus of the fund remains a bit of a mystery, although one person associated with it has said it is focused on “the ocean-climate nexus.”

The regulatory filing for the fund shows that Halligan and Yellurkar are managing members of the general partner. PitchBook reports that “Ocean Propeller Fund I is a venture capital fund managed by CRV.” However, CRV isn’t mentioned in the filing.

Yellurkar, who has been a partner with CRV since 2008, did not respond to a request for comment.

Halligan told Venture Capital Journal via email, “No comment (at the moment).” He co-founded and was CEO of CRM company HubSpot until last year, when he stepped down following a snowmobile accident that left him hospitalized. Halligan remains executive chairman of the company.

Another person associated with the fund, Steven Fox, had no comment. Fox signed Ocean Propeller Fund’s regulatory filing as an “authorized person of the general partner of the issuer.” His LinkedIn profile states that he has been a partner at “TBA” since February. It also states that Fox is “investing in and building startups working at the ocean-climate nexus.”

Halligan and Yellurkar have shown interest in the ocean before. Both are involved with the Woods Hole Oceanographic Institution, a non-profit research and educational facility focused on marine science and engineering. They are listed as “members of the corporation” in WHOI’s 2020 annual report.

WHOI’s website describes the institution as being “dedicated to advancing knowledge of the ocean and its connection with the Earth system through a sustained commitment to excellence in science, engineering, and education, and to the application of this knowledge to problems facing society.”