New York and San Francisco-based venture capital firm Eniac Ventures closed its third fund at $55m.
Eniac III, which was subscribed by a group of family offices, financial institutions, and anchored by a large university endowment, will focus on investing in promising mobile startups leading seed rounds, with an average investment of $500K on an initial deal and significant follow-on capital in reserve.
Focus will be on the mobile landscape, including enterprise mobility, connected devices, marketplaces, personal utilities, mobile picks and shovels, mobile commerce, and mobile user generated content.
The firm will also continue to invest in startups from San Francisco, where 5 of the fund’s initial 7 investments originate.
Founded in 2009 and led by partner Hadley Harris, Eniac has invested in over 60 mobile startups and exited 10 companies to the likes of AirbnB, Twitter and Vimeo.
Meaningful investments include:
• Boxed, a mobile wholesale app that recently raised a $25MM series B.
• Elevate, a brain training app.
• Ginger.io, mobile data and behavior analytics platform.
• Glide, a video messaging platform with a new focus on smartwatch development.
• Hinge, a dating app that leverages connections through mutual friends.
• Localytics, an analytics and marketing platform.
• Metaresolver, a data platform powering programmatic buying for mobile marketers, acquired by Millenial Media in 2013.
• Navdy, a heads-up display for the connected car which sold over $1M in pre-sales in the first week.
• TapCommerce, mobile advertising retargeting platform acquired by Twitter in 2014 by over $100 million.
• Vungle, a video advertising platform for mobile developers promote and monetize apps.
The first two funds have top decile returns.