Progress Ventures, a Cambridge, MA-based early stage venture capital firm born out of investment bank Progress Partners, formed its third venture fund.
Progress Ventures Fund 3 will total $20m and make series-A investments in business-to-business, marketing and media technology companies.
The fund is set up to provide $500k initial investments, as well as follow-on investment from a base of limited partners who have elected to provide co-investment funds.
Fund 3 continues the firm’s focus on early stage investments within marketing and media technology and is already holding new investments in LISNR, Crave Labs, IRIS.tv and most recently, Tru Optik.
Led by Sam Thompson and Nick MacShane, Founding Partners, and Chris Legg and Rick Gallagher, Managing Partners, the firm previously invested in MediaMath, Integral Ad Science, Dstillery, Pixability, Localytics, Skyword and Simplifi Media.
Progress Ventures also has offices in NYC.