Another proof of that Venture investors have more dry powder than ever, this week kicking off with a spate of announcements of venture capital fund closes across all sectors and stages. It says LPs remain active amid this dissonant moment in tech, and despite some struggles aspiring fund managers may face, that’s news.
Our team has a good list going:
- B Capital completed $250 million in capital commitments for its Ascent Fund II, its first dedicated early-stage fund that will invest in pre-seed to Series A companies globally, but with a focus on the US and Asia.
- Cathay Innovation and AfricInvest announced final closing of €110 million for their Cathay AfricInvest Innovation Fund, a pan-African fund they have been working on together since 2019.
- AM Ventures closed a $100 million fund targeting early-stage companies focused on industrial and commercial 3D printing applications.
- Tribe Capital, which has $1.5 billion in assets under management, has raised $25 million from investors to launch a cryptocurrency incubator program.
- Crypto asset manager Valkyrie plans to raise between $25 million and $30 million for a venture capital fund under its new arm, Valkyrie Ventures, to invest in “the infrastructure layer” between Web 2.0 and Web3. The company, better known for launching one of the few SEC-approved bitcoin futures ETFs, is moving into a new asset class — venture capital.
- Fundrise, a company that enables anyone to invest in real estate with a minimum investment of just $10, is launching a new $1 billion growth capital fund to invest in late-stage tech startups. The new fund will be evergreen, meaning it will have an indefinite lifespan and a structure similar to Homebrew and some of SoftBank’s funds.
- Finally, and this is not a new fund but a new program to bring more fund managers to market, VC Include announced its 2022 stipend focused on first-time BIPOC fund managers. Aspiring investors based in the United States who are looking to raise between $10 million and $100 million for their VC or PE fund are invited to apply.
Here are many other tasty bites from earlier this week and last week:
- The United Arab Emirates has secured $800 million in capital commitments for a new fund that will launch space initiatives.
- Battery Ventures is increasing its capital commitment after raising $3.8 billion in commitments for three new funds that will invest in all stages of startups in areas including enterprise software, fintech, healthcare and data. Battery Ventures XIV and an adjunct fund raises $3.3 billion, and the $530 million Battery Ventures Select Fund II is a vehicle created to seek additional investments primarily in portfolio companies of the other funds in the fund to do business.
- Turning now to Iter Investments, where it closed its first fund with over $20 million in committed capital to invest capital in the burgeoning psychedelic market. As our colleague Anna Heim reported in May, psychedelics is an area that had some early hype and some early failures, but some investors are digging their heels into what they believe is still fairly young. Founded by Dustin Robinson, Iter has a portfolio of 16 companies across the market.
- Meanwhile, Collaborative Fund announced its new Collab SOS fund with $200 million in commitments to invest in Series A and B companies active in the sustainable economy across materials, ingredients, energy and supply chains are active. Limited partners came from some of the largest materials buyers, agricultural experts and industry leaders, the company said.
- London-based auction house Christie’s said this week it would launch its own venture capital arm called Christie’s Ventures, which aims to invest seed capital in startup technology that would help collectors buy and sell more art, either digitally or otherwise Way.
- Lightspeed raised $500 million for its new India and Southeast Asia fund, reports TC’s Manish Singh, adding a more than $7 billion tranche aggregated across new funds. As Singh points out, the firm has a team of nine partners in India and Southeast Asia and is nearly doubling the size of its fund assets.