Veteran Ventures Capital halfway to its $50 million goal with first close of Fund II
Sixty percent of Veteran Ventures’ portfolio companies have received mark-ups, with several more anticipated in the months ahead.
Veteran Ventures Capital (VVC), founded in Knoxville in 2019, has announced the successful first close of its Fund II, reaching $25 million — half of its target raise of $50 million.
This milestone, achieved in less than five months, underscores the strong investor confidence in Veteran Ventures’ thesis and execution, focusing on investing in dual-use national security technology businesses led by veteran entrepreneurs and leaders.
It was about three weeks ago when VVC announced a $10 million institutional investment from the Virginia Innovation Partnership Corporation (VIPC). That followed by less than two months the early April news that VVC was relocating its headquarters to Tysons, VA.
The latest news release comes with information that the State of Tennessee — presumably “InvestTN” — is an new investor. Additionally, the VVC team says it “is honored to receive continued investment and guidance from anchor investor Ken Hersh and the dedicated team at Hersh Family Investments. Their unwavering support underscores the potential and promise of VVC’s investment strategy.”
Veteran Ventures’ Fund II first close builds on the success of VVC Veterans Fund I.
“Our inaugural fund has demonstrated the effectiveness of our investment approach, garnering over $130 million in non-dilutive government funding across our portfolio companies,” said Managing Partner Derren Burrell. “This achievement has effectively de-risked our investments, providing a strong foundation for continued growth and innovation.”
Additionally, 60 percent of Veteran Ventures’ portfolio companies have received mark-ups, with several more anticipated in the months ahead. This performance is a testament to the hard work and resilience of Fund I portfolio companies, founded or led by veterans.
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