The well-connected Ben Narasin, a seed-stage investor who was an early backer in Dropcam, Lending Club and Kabbage, has launched his own seed-stage fund called Tenacity Venture Capital.
Narasin is spinning the fund out with initial commitments from New Enterprise Associates, as well as other investors and entrepreneurs. Narasin had joined NEA as a venture partner in late 2017 to focus on seed.
Tenacity is reportedly targeting $55 million for the inaugural fund, and Narasin says he will phase out of NEA by the end of the year.
NEA managing general partner Scott Sandell will serve on the firm’s advisory board.
Tenacity will invest in such sectors as AI, fintech, hardware, logistics, marketplaces, mobile gaming, robotics and SaaS.
Source: Press release