Cove Fund, an Irvine, Calif.-based seed-stage venture capital firm that invests in the dynamic Southern California startup ecosystem, has launched its second fund, with over $12M in committed capital.
Co-managed by a team of three experienced seed investors and technology executives, Mike Benvenuti, Howard Mirowitz and Paul Voois, Cove Fund II invests in early stage technology and life science companies that demonstrate the potential to address large markets with differentiated products and services. The fund typically leads financing rounds in the $1 to $3 million range, and has a syndication network of local angel investors, family offices and venture capital funds that co-invest in its deals. The vehicle will consider any company that is headquartered or carries out its main operations in Southern California, as well as any company affiliated with the University of California statewide system.
Cove uses a member engagement model in which the fund’s members (investors), most of whom are businesspeople and entrepreneurs themselves, play an active role in deal flow sourcing, due diligence, mentoring and governance of portfolio companies.
Headquartered in “The Cove” at UC Irvine Applied Innovation, the fund will make its first investments in the coming months.