True Ventures, a Palo Alto, CA-based venture capital firm, closed two funds amounting in total to $840m.
- True Core Fund VII, LP, its seventh early stage fund, at $465m, along with
- True Select Fund IV, its fourth Select Fund, at $375m.
True Core Fund VII will continue the firm’s strategy of providing seed and early stage capital and resources to founders in today’s early stage ecosystem. Core markets include technology-enabled consumer brands, SaaS and infrastructure software, deep verticals in health and life sciences, and other select markets.
Similar to previous Select Funds, True Select Fund IV will provide follow-on capital to existing portfolio companies with high growth potential and large-scale opportunity. Consumer platforms including Peloton, Madison Reed, Splice and Yousician, as well as microsatellite startup ICEYE, infrastructure automation company HashiCorp and material innovator Zymergen have all received follow-on capital from previous Select Funds.
Founded in 2005 by Phil Black and Jon Callaghan, True Ventures has more than $2.8 billion under management. Beyond capital, the firm also operates the True Platform, which offers programs that inspire professional and personal growth. To date, True has helped more than 300 companies launch and scale their businesses, creating over 25,000 jobs worldwide.