Next Coast Ventures, an Austin, Texas-based venture capital firm focused on investing in innovative ideas and thematic marketplaces, closed its maiden fund at $85m.
Oversubscribed by $35m, the fund attracted limited partners including leading institutional investors, funds of funds and family offices.
Led by Co-Founder and Managing Directors Tom Ball and Mike Smerklo, Next Coast Ventures boasts a thematic approach to investing backed by entrepreneurial experience. The fund will concentrate on software-powered, full-stack business models designed for digital natives as well as innovative companies in the education, retail, B2B and B2C sectors, addressing surging regional demand for progressive startup capital.
To date, the firm has deployed capital from the fund into four Austin startups including Umuse, Dropoff, OnRamp and Phlur, a San Francisco-headquartered startup Cloverpop and a New York-based startup Clarity Money.