Commerce Ventures, a San Francisco, CA-based venture capital firm, holds the first close of its second fund, at 25.595m.
According to a regulatory form filed with the SEC, the final target of Commerce Ventures II, L.P., is fixed at $40m.
The same document lists partner Dan Rosen as the person related to the offering, which has already seen the participation of 30 investors.
Led by Rosen, Dan Raveh (principal), and Nikhil Raj (venture partner) Commerce Ventures focuses on investing in startups working at the intersection of mobile, payments and retail technology. The firm primarily invests in product-stage startups adding value via a network of high level professionals in the retail, marketing, payments and mobile industries.
So far, Commerce Ventures has invested in over 25 startups including Bitnet, Blooom, Marqeta, Forter, InAuth, Shoptalk, Better Doctor, etc.