Steve Case’s Revolution Ventures announced yesterday the close of its third fund, which it says was “oversubscribed” at $215 million.
You may recall that Case and his team made two stops in Tennessee during the “Rise of the Rest Road Tour” in 2018. First stop was Memphis, then Chattanooga where FreightWaves took home the top prize of a $100,000 investment from the Rise of the Rest Seed Fund. In between, the bus stopped in Birmingham and awarded a $100,000 investment to Mixtroz, a company that ironically participated in CO.LAB’s “GIGTANK” several years ago in Chattanooga.
According to this article from Crunchbase News, “Of the 18 investments made out of its second (Revolution Centures) fund, Revolution saw five partial or full exits.” The article goes on to say that “the firm expects to make about 15 to 20 investments out of its new fund. According to (Tige) Savage, Revolution typically invests $1 million to $12 million in initial financing, with an average of between $4 million and $8 million for an initial check.”