MIT spin-out The Engine seeks ‘Follow-on Fund’

A regulatory filing indicates the Cambridge firm is seeking to raise $150m.

The Engine, a venture firm spun out of MIT that invests in early-stage “Tough Tech” companies, is looking to raise $150 million for a fund called Engine Follow-on Fund I, according to a regulatory document.

Presumably, the fund is an opportunity fund to invest in its promising portfolio companies. The Cambridge, Massachusetts-based firm last year raised $230 million for its second main fund.

The Engine was founded in 2016 and is led by chief executive and managing partner Katie Rae.