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April 04, 2024 | Tom Ballard

VC News | RC Capital raises new $250 million fund

Dcode Capital, a women-led venture firm based in the Nation's Capital, has raised $19 million for its inaugural fund to invest in tech start-ups looking to break into government contracting.

From Cincinnati, OH:

Cincy Inno reports that RC Capital, formerly known as River Cities Capital, has raised a $250 million fund, pushing the firm over the $1 billion mark in terms of total capital raised. This news means RC Capital can invest in more growth companies in the healthcare sector. Among its early investments was Knoxville-based PerfectServe, something that RC Capital has now exited.

The company is based in Cincinnati but has an office in Raleigh, NC.

From Washington, DC:

Dcode Capital, a women-led venture firm based in the Nation’s Capital, has raised $19 million for its inaugural fund to invest in tech start-ups looking to break into government contracting. The goal for Dcode Capital’s Fund I LP, launched in April 2022, is $30 million. So far, 23 investors have contributed.

According to an article in DC Inno, Dcode Capital was launched in 2019 by Decode, a DC-based tech accelerator and advisory firm for start-ups interested in getting into the government contracting sector. Decode Capital would offer investments directly into many of the companies that graduated from its eight-week business accelerator. More than 200 companies have gone through this program since its founding in 2015.

When Fund I launched two years ago, Rebecca Gevalt, a Managing Partner at Dcode Capital, said she and her co-founders were targeting a $50 million investment vehicle, but softness in the capital markets led them to downsize the offering to $30 million.

The article notes that the fund is targeting “dual-use” start-ups — those that operate in the public and private sectors — that are in the “late” Series A to Series C range of funding.

From Manhattan Park, CA:

TechCrunch reports that Matter Venture Partners was initially going for a $200 million fund, but closed at $300 million last year. Wen Hsieh, one of the fund’s Founding Managing Partners, told the news site that it is considered one of the largest “first funds” raised in 2023. The median venture fund raised that year was around $37 million, according to a PitchBook-NVCA Venture Monitor report.

Describing the firm as being company builders, the focus is on hard tech which Matter Venture Partners defines as semiconductors everywhere, robotization due to blue-collar labor shortage, generative AI, manufacturing on-shoring and friend-shoring, energy building blocks, and life science automation.

From Manchester-by-the-Sea, MA:

TechCrunch also reports that New Summit Investments is raising a new $100 million impact fund, according to documents filed with the Securities and Exchange Commission. The new fund, should it be raised, will let it continue investing in managers backing start-ups and other companies focused on environmental and social problems.

This is the firm’s fifth fund and marks a sizable jump from the $40 million of its previous fund, which closed back in 2022. New Summit invests in various other funds, including venture capital, real estate investors, and infrastructure investors. It currently has $115 million in assets under management, according to PitchBook.

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