NFX doubles down on seed with $275 mln second fund

NFX Capital said it raised a $275 million second fund to “double down” on its seed investing, according to a blog post.

The firm, which targets companies in the San Francisco Bay area and Israel, splits its investments between the B2B and B2C sectors.

“We remain focused on making seed investments, and are doubling down at that stage, the most important stage,” the post said.

NFX’s initial 2017 fund was $150 million. The new fund attracted 79 LPs, according to a filing with the SEC.

The blog post went on to say the firm invests in less than 0.5 percent of the companies partners see. It also explained that partners do not take salaries, which has enabled the firm to hire a staff of 30 to provide portfolio support.

The firm is run by Trulia co-founder Pete Flint, and entrepreneurs James Currier and Gigi Levy-Weiss.