Silicon Valley-based venture capital firm SoftTech VC closed two funds totalling $150m.
The funds, backed by a mix of 40 institutional LPs, family offices and individual investors – often entrepreneurs from previous portfolio companies, include the following:
– SoftTech VC V, a $100m seed stage fund, and
– SoftTech VC Plus, a $50M opportunity fund.
Fund V will invest in approximately 40 startups over three years in SaaS/B2B, connected devices, marketplaces, and monetized consumer services. It will make initial investments of $500k to $1.5m, with the goal of owning a 7-10% ownership stake in early stage companies. The team plans to invest about $40m in approximately 40 companies over 3 years, leaving $60m for follow-ons in Series A and Series B rounds.
The fund will invest 80% in startups located in San Francisco/Silicon Valley, with New York/Boston, Boulder, Southern California, and Toronto-Waterloo forming the remaining.
The Plus Fund will focus on select growth stage opportunities across previous SoftTech VC funds committing between $2m to $5m per deal. It has already made a first investment of $3m in the $35m Series C round of Vidyard.
The firm, led by Founder and Managing Partner Jeff Clavier, and Partners Stephanie Palmeri and Andy McLoughlin, has an investment focus including such areas as Software-As-A-Service (SaaS) – including mobile infrastructure and services, vertical SaaS and cloud infrastructure – B2C services, connected devices, marketplaces, digital health, edtech, govtech AI, VR/AR, robotics, and autonomous vehicles.
Baased in Palo Alto and San Francisco, SoftTech VC now has over $300M under management.
FinSMEs
08/06/2016