We’re thrilled to announce the closing of two new funds: Fund IV ($70M USD) and Opportunities Fund II ($30M USD).
While these funds may be new, our values and goals remain the same. We still look for pre-seed and seed stage opportunities, as we believe these are the stages where we can add the most value. We still are high conviction investors who love backing founders and opportunities that are overlooked by others. And we always strive to be the most value-add investor for our portfolio founders as they push to create category-leading companies.
Since we raised our last fund in 2018, we updated our thesis to focus on mission-driven founders. We’re looking for passionate, even obsessive, entrepreneurs who will stop at nothing to solve a deep pain point that they know well. And we recently broadened our geographical focus to invest on a worldwide basis, as location no longer has as much bearing on the investment process and geography no longer controls where you can build a successful company.
From the start, we have always looked to invest early into the next wave. In 2016, we began aggressively investing in crypto and built up a portfolio that includes Coinbase, Dapper Labs (NBA TopShot. Cryptokitties, Flow), Nexus Mutual, and Uniswap. In 2020, we added a big focus on climate and energy startups, with investments in Patch, NCX (formerly Silviaterra),and EnPowered, among others. While crypto and climate continue to be two of our major focus areas, we will continue to invest in SaaS, marketplaces and healthcare.
Most of our attention will be spent on investing out of our “core fund” (Fund IV) but we are excited to add another Opportunities Fund to our franchise. The Opportunities Fund lets us double down on our winners and gives us the ability to partner with our founders in their later financing rounds. Our first Opportunities Fund, which we only raised in February 2020, is off to an amazing start with investments in five of our portfolio companies: Ada, Dapper Labs, Headout, Jobber, and Shippo.
Thank you to all of our LPs, most of whom have been long-term backers of Version One. We’re so grateful for your trust and support. And most importantly, we need to give a shoutout to our incredible founders who do the hard work on a daily basis. We are constantly learning from you and are in awe of your passion, creativity and sheer determination to make a big impact.
We can’t wait to welcome more amazing founders and teams into our portfolio. If you’re ready to build a category-leading company, we want to hear from you!