Better Ventures, an Oakland, CA-based venture capital firm, has held the first close of its second fund, at $18.24m.
According to a regulatory form filed with the SEC, 55 backers participated in the offering of Better Ventures Fund II, LP, which has a final target of $30m.
Led by Managing Directors Wesley D. Selke and Rick Moss, Better Ventures provides funding and support to technology companies (based in the San Francisco Bay Area, with a special focus on Oakland and Berkeley) pursuing social and environmental outcomes with business models that scale.
It looks to invest up to $1M in each portfolio company over multiple financing rounds, with initial investments ranging from $100k to $400k (typically for a 7-10% stake) and the remainder reserved for follow-on investments in later rounds.
The portfolio includes Iris Plans, SunFunder, SharePractice, UtilityAPI, Class, Next Request, Fluid, LeadGenius, Augary, Localwise, GivKwik, and Eko Devices, among others.