VC News | Queen City Angels raising its seventh fund
Breakthrough Energy Ventures tops $3 billion in funding as it closes in on its third fund.
From Queen City Angels:
Cincy Inno reports that Queen City Angels (QCA) has begun raising its seventh investment fund with hopes of making it the firm’s largest-ever, targeting at least $20 million for its latest fund, although Chairman Tony Shipley has his sights set even higher.
“Our goal is to hopefully match or exceed fund VI,” he said. That fund, which Queen City Angels finished raising in 2022, totaled $23 million. It was the largest one the 24-year-old firm has raised.
According to the article, the latest fund is already off to a good start. QCA has pitched its 199 individual members on investing in the fund and has received commitments for more than $5 million so far.
From Breakthrough Energy Ventures:
Breakthrough Energy Ventures (BEV) disclosed it had raised $839,368,421 in an amended Notice of Exempt Offering of Securities or Form D filed with the Securities and Exchange Commission. The firm launched BEV III in July 2023, following the closure of its second fund BEV II which secured $1.25 billion in 2021. Its inaugural fund BEV I closed at $1 billion in 2016.
Based in Kirkland, WA, the firm aims to “finance, launch and scale companies that will eliminate greenhouse gas emissions throughout the global economy,” according to its website.
From HighPost Capital:
An investment firm founded by Mark Bezos’ younger brother of Jeff Bezos, and private equity veteran David Moross has raised its first venture fund – to the tune of $100 million.
West Palm Beach-based private equity firm HighPost Capital focuses on consumer companies. Its new venture capital arm, HIPstr, seeks to capitalize on opportunities in early stage companies that do not fit the investment criteria of HighPost’s more traditional buyout strategy and aims to take advantage of dramatically lower startup valuations of the past couple of years. The fund will support investments for start-ups in the technology, media and consumer services sectors.
According to this article in Refresh Miami, the venture unit, with about 30 investors, already has invested almost 40 percent of its debut $100 million fund. The capital was pooled from endowments, family offices and high net worth individual investors.
From NextGen Growth Partners:
NextGen Growth Partners (NGP), a Chicago-based private investment firm, has closed its third fund, NextGen Growth Partners Fund III LP at its $165 million hard cap. Fund III was oversubscribed at a first and final close, welcoming capital commitments from new institutional partners alongside continued support from its existing partners.
Eight years ago, NGP was founded on the belief that the way businesses are acquired and grown could be transformed. With a focus on preserving legacy, partnering with supportive investors, and cultivating a team where culture is as valuable as returns, NGP has solidified its position as a leader in Entrepreneurship through Acquisition (ETA).
Through Funds I and II, NGP has completed more than 20 acquisitions, creating a holistic approach to supporting the growth and development of flourishing companies. “NGP Fund III will extend the legacy of what our firm does best – partner with high potential businesses and pair them with the support of our EIRs and Value Creation approach,” said Eric Wilson, Principal, Portfolio Operations at NGP.
From Pack Ventures:
GeekWire reports that Pack Ventures, an emerging venture capital fund that invests in startups with key connections to the University of Washington (UW), is gearing up to raise more money and make a bigger mark on the Seattle entrepreneurial ecosystem. Launched two years ago with a thesis to invest in early stage start-ups spun out of the UW or led by alumni, Pack raised around $5 million from more than 80 investors — including veteran Seattle VCs as well as many first-time venture capitalists — and dispersed that money to 26 companies across life sciences, software, and healthcare.
Pack is now looking to raise $30 million for its second fund. The firm has also recently signed a memorandum of understanding with UW to be a “preferred venture partner” of the university and CoMotion, its innovation arm.
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