On behalf of our team at Version One, I am incredibly excited to announce that we have just closed our second fund. Version One Fund II is $35M, slightly larger than our initial fund.
In many ways, Version One Fund II is identical to Fund I. It’s the same investing team (myself in Vancouver and Angela in the Bay Area), roughly the same areas of focus, and the same commitment to being the most active and value-add investor at the table. We will continue to invest in early-stage companies (seed and Series A rounds). However, since this new infusion of capital is slightly larger than Fund I, we now have the ability to lead more seed rounds and have more dry powder to support our entrepreneurs as they scale.
Fund I investments were dominated by marketplaces/platforms and SaaS, with selective investments in e-commerce plays. The first two categories represented 90% of our investments in Fund I. This focus will largely continue on with Fund II.
While we continue to be excited about all things mobile (marketplaces and SaaS), we will make a larger push into key areas like healthcare, cryptocurrencies, and Government 2.0. We primarily look for the best teams to solve big problems in a unique way.
With Fund II, we are also sharpening our focus toward those startups creating things which didn’t exist before. It’s often not enough to make something faster, cheaper, or better. We are looking for entrepreneurs with a bold vision… those who want to disrupt big categories or create entirely new ones. And much of our own vision is reflected in a newly renovated website.
As I look back over the past two and a half years since we raised Fund I, I realize how lucky I am to have the opportunity to back and work with twenty amazing teams. Our companies’ collective valuation now sits at a stunning $600 million and they have gone on to raise over $130 million since we first invested in them.
Looking ahead, I believe there are exciting innovations and breakthroughs on the horizon. With Fund II closed, we’re in a position to do much more. A big thanks to our existing investors for their continued support and we warmly welcome the new investors joining us for the second fund.