Early stage tech startups investor True Ventures closes two new funds totaling $840m

Early stage tech startups investor True Ventures closes two new funds totaling $840m

Published: 15-10-2020 14:47:00 | By: Pie Kamau | hits: 90 | Tags:

True Ventures, a Silicon Valley-based venture capital firm that invests in early stage technology startups announced the closing of its seventh early stage fund (True Core Fund VII, LP) in the amount of $465 million, along with its fourth Select Fund (True Select Fund IV) in the amount of $375 million.  

True Core Fund VII will continue the firm's long history of providing seed and early stage capital and resources to the boldest, most daring founders in today's early stage ecosystem. Core markets include technology-enabled consumer brands, SaaS and infrastructure software, deep verticals in health and life sciences, and other select markets.

Similar to previous Select Funds, True Select Fund IV will provide follow-on capital to existing True portfolio companies that exhibit high growth potential and large-scale opportunity. Thriving consumer platforms including Peloton, Madison Reed, Splice and Yousician, as well as microsatellite startup ICEYE, infrastructure automation company HashiCorp and material innovator Zymergen have all received follow-on capital from previous Select Funds.

Phil Black, Co-founder of True Ventures said: "Our Select Funds renew our commitment to Core Fund companies that have demonstrated impressive growth and industry leadership. It's not one-and-done with us. Our Select Funds, for example, allowed us to invest in five separate financing rounds leading up to Peloton's IPO last year."

Colleen Cutcliffe, Co-founder of biotechnology company Pendulum Therapeutics, received capital from True Core IV and follow-on capital from True Select Funds. Cutcliffe is one of a cohort of scientist-founders the firm has backed over the past half decade. "True helped us lay a strong foundation at Pendulum by supporting our work not only financially but also through the lens of a business coach," said Cutcliffe, whose expertise uncovered ways the microbiome can help to improve human health.  

True Ventures is also doubling down on its longstanding infrastructure of support for founders and their teams.

Jon Callaghan, Co-founder of True Ventures said: "One of True's founding insights was that fortune favors the connected entrepreneur, and since our beginning we've invested heavily in connecting True founders and their teams with one another for learning, support and counsel. Our platform connects founders and aggregates resources so that even the smallest new team has access to hundreds of peers who have been in their position before. We've created a powerful place for founders to grow, thrive and collaborate. We're now magnifying our platform by putting even more resources – additional team members and dollars – into it."