Monthly recap of fund briefs, as of May 21

Through the first four months, U.S. VC fundraising moved at a strong pace, with more than $12.7 billion raised, compared with $11.2 billion for the same four-month period last year.

Read on to find out about which U.S. and international firms raised commitments or closed funds in the last month.

Imaginary Ventures closed its inaugural fund with $75 million in commitments. The New York early-stage firm invests in beauty, wellness, food and beverage, lifestyle and fashion. Its portfolio includes Appear HereDirty LemonFarfetchHum Nutrition and Universal Standard. Imaginary was co-founded by Natalie Massenet, who in 2015 resigned from luxury e-tailer Net-A-Porter, and Nick Brown, who most recently was a partner at 14W Venture Partners in New York.

Unusual Ventures, a new seed-stage venture firm, closed its inaugural fund at $160 million. Jyoti Bansal and John Vrionis are the co-founders.

Renaissance Venture Capital Fund has closed its third fund on $81 million. Renaissance, of Ann Arbor and Detroit, is a fund-of-funds that invests in VC pools nationwide and brings them into Michigan’s startup ecosystem. Renaissance’s first fund raised $45 million, while the second pool collected $79 million.

Venture Investors is raising Venture Investors Health Fund 6, targeted at $100 million. The firm, with offices in Madison, Wisconsin, and Ann Arbor, Michigan, is led by James AdoxDavid ArnsteinScott ButtonJohn Neis and Paul Weiss. The fund makes early-stage investments in therapeutic, diagnostic, medical device, and healthcare IT companies, focused on the Midwest region.

OpenView, the Boston expansion-stage investor that’s backed BalihooExactTarget, Mashery and others, closed its fifth fund with $296.8 million in commitments from 23 investors. The firm was initially seeking $250 million, as reported last year, the same size as its fourth fund in 2014.

Voyager Capital is seeking $100 million for its fifth fund. Based in Seattle and Portland, the venture firm invests in software, cloud and big-data applications in the Pacific Northwest.

CRV raised $600 million for its 17th fund. The new vehicle will invest in early-stage tech, but with an additional mandate for growth investing. The firm had initially set out last year to raise a main early-stage fund at $450 million and its first growth fund at $400 million. Fund XVII will focus on the enterprise, consumer and bioengineering sectors.

Keiretsu Capital completed a $4.2 million first close of a blockchain fund-of-funds and expects a second close in June, with commitments so far of $1.5 million. The firm has already secured investment allocations with Blockchain Capital, Pantera Capital and Future Perfect Ventures.

Entrée Capital closed its second Israeli-focused early-stage fund at $80 million. Entrée Capital has offices in London, San Francisco and Herzliya, Israel.

Fifth Wall Ventures raised $60 million toward a $200 million Fifth Wall Ventures Retail Fund. The fund was previously called Fifth Wall Ventures SPV V. Two LPs contributed the capital. The firm focuses on real estate startups.

Presidio View Capital Partners, a venture firm that invests in the cannabis industry, raised $2.6 million for its inaugural fund. The target is $25 million.

Female Founders Fund closed its second fund at $27 million. The fund will focus on female-founded companies in the enterprise and consumer tech sectors.

Three healthcare vets have formed Town Hall Ventures, which targets healthcare technology and service companies catering to vulnerable populations. They are Andy Slavitt, a former administrator at the Center for Medicaid and Medicare Services; Trevor Price, founder of Oxeon Holdings; and David Whelan, managing general partner of Oxeon Ventures as well as a former GP at Accretive.

Foundry Group set out to raise a $750 million Foundry Group Next 2018 fund. The early-stage firm’s previous Next fund raised $500 million in 2016. The Next funds make growth investments in Foundry portfolio companies and in companies outside the portfolio. It also takes LP positions in early-stage funds.

Proof has raised more than $18.6 million toward a targeted $100 million fund. The Reston, Virginia, fund, co-founded by John BackusJohn Burke and Thanasis Delistathis, teams with early-stage firms to support pro-rata investments in subsequent rounds of their portfolio companies.

Charge Ventures is raising a second fund targeted at $10 million. The New York firm, led by Christos Habachy and Brett Martin, makes seed and early-stage investments.

Expanding Capital is raising a venture fund targeted at $40 million. The San Francisco firm is led by Leonardo SalgadoDaniel Kafie and Christian Telles.

Edison Partners is seeking $300 million for its ninth fund. In July 2016, the Princeton, New Jersey, growth equity firm closed its eighth fund at $275 million.

Golden Ventures raised $57.5 million for its third seed-stage fund. Golden Ventures III is the Canadian firm’s largest fund to date. It will invest in 20 to 25 early-stage tech companies in Canada and the U.S.

Redpoint eventures has set out to raise a $130 million VC fund. RPeV 2 focuses on Brazil and is run by Partners Anderson Thees, Manoel Lemos and Romero Rodrigues.

Yes VC is seeking $50 million for its debut fund. The San Francisco early-stage venture firm was formed by Jyri Engeström, a former entrepreneur in residence at True Ventures, and Caterina Fake, a founding partner at Founder Collective.

W Capital Partners seeks $750 million for its fourth fund. The New York firm acquires portfolios of direct PE and VC investments in the secondary market.

Salesforce Ventures launched Canada Trailblazer Fund, a $100 million fund that will invest in Canadian startups.

Wavemaker Three-Sixty Health is seeking $25 million for its new fund. The Pasadena, California, early-stage venture firm focuses on healthcare.

Goodwater Capital set a $350 million target for its third fund. The San Mateo, California, venture firm invests in consumer tech startups.

Sky9 Capital, a China-focused venture firm, closed its third fund at the hard cap of $200 million. The fund’s LPs include institutions, family foundations and entrepreneurs.

Andra Capital raised more than $500 million for a blockchain-focused late-stage tech growth fund. The San Francisco firm expects to raise $1 billion for the pool.

Hive raised a $26.5 million third fund from investors including Verizon Ventures, Software AG, GE, Rockwell Automation, March Capital Partners and unidentified individuals. Hive, a venture fund and startup studio, focuses on early-stage companies using AI in enterprise and industry applications.

Trust Ventures is seeking $50 million for its initial fund. The Austin firm invests in startups that focus on challenging government regulations.

Pinnacle Ventures has set out to raise a fifth venture capital fund. No target was listed. The firm raised a fourth fund in 2015, Thomson Reuters data shows.

G2VP: Four ex-Kleiner Perkins Caufield & Byers partners raised $298.2 million for their new firm. Brook Porter, David Mount, Benjamin Kortlang and Daniel Oros all invested at KP’s Green Growth Fund. Their new fund will invest in cloud computing, machine learning, computer vision and mobility. The fund has not yet held a final close.

Rally Ventures set out to raise a $150 million third venture fund. The firm, with offices in Minnetonka, Minnesota, and Menlo Park, California, is run by GPs Charles Beeler and Jeff Hinck, both formerly of El Dorado Ventures.

Flying Fish Partners held a first close for Flying Fish Partners I on $27.8 million. The firm seeks to invest $500,000 to $5 million in software companies. The Seattle venture firm is targeting $80 million.

MadDog Ventures’ first venture fund raised $26.7 million, exceeding its $25 million target. The Birmingham, Michigan, firm invests in companies that are developing and marketing cloud-based business applications.

8VC raised a $640 million second core fund. The San Francisco firm is led by Joe Lonsdale.

Venrock raised $400 million for Venrock Healthcare Capital Partners III, the New York firm’s public and crossover biotech fund. The fund is led by Bong Koh and Nimish Shah.

Samsara BioCapital raised $310 million for a venture fund. The fund’s partners include former Sofinnova Ventures General Partner Srini Akkaraju and Michael Dybbs, a former partner at New Leaf Venture Partners.

Data Collective is raising a $250 million biotech fund. The fund is to be managed by Managing Partners Matt Ocko and Zachary Bogue, along with John Hamer, presently listed as a managing director at Monsanto Growth Ventures, and Kiersten Stead, currently MGV’s investment director.

Fort Ross Ventures raised a $200 million fund to help Silicon Valley companies deliver services to Russian corporations and internet-connected consumers. The firm is led by Victor Orlovski, a former tech executive at Russian-state-owned Sberbank, which is also an investor in the fund.

Valor Capital Group raised $56.8 million toward a $100 million second VC fund. The fund raised the capital from 50 LPs. The firm, which focuses on Brazilian and U.S. startups, is run by partners including Scott Sobel, Antoine Colaco, Michael Nicklas and Clifford Sobel, a former U.S. ambassador to Brazil.

Parade Ventures filed to raise $25 million for its inaugural fund. The Los Gatos, California, firm is led by Shawn Merani, an angel investor and a co-founder and partner at Flight Ventures.

Pioneer Square Labs launched PSL Ventures, an $80 million fund that will invest in early-stage tech companies in the Pacific Northwest. Pioneer Square is managed by Aaron SingletonGeoff EntressMike GalgonGreg Gottesman and Julie Sandler.

Caerus Ventures has set out to raise a $100 million second venture-capital hardware fund, an SEC filing shows.

Muse Capital is seeking to raise $20 million for its early-stage fund. The Sherman Oaks, California, firm is led by Founding Partners Assia Grazioli-Venier and Rachel Springate. Investments include LeafLink, which provides a commerce platform for the cannabis industry, and BeautyCon, which operates a beauty and fashion website.

Fund briefs compiled by VCJ staff based on original reporting, regulatory documents and press releases.

To download in Excel format a table of international and U.S. fundraising in April, click on the following links:

U.S.-based venture fundraising (April 2018)

International venture fundraising (April 2018)

 

Additional Data

U.S. venture fundraising by month