Rosecliff Ventures has surged past its initial goal for its second fund to raise more than $74m in what appears to be its final close.
The firm was hoping to collect up to $50m for its sophomore venture capital vehicle according to regulatory documents filed in April last year. But the firm has outdone that total thanks to commitments from at least 41 investors according to an updated SEC filing.
The latest fund is triple the size of Rosecliff’s $25m debut vehicle. Columbus Advisory Group served as a placement agent for the fund.
New York-based Rosecliff, which focuses on seed and Series A funding rounds, is led by founder and managing partner Michael Murphy.
The firm has made a number of investments into the FinTech space, completing two deals this year alone. Rosecliff recently led a $7m Series A round for commercial real estate technology startup SquareFoot. Other investors included Peak Partners, RRE Ventures, Primary Venture Partners, Armory Square Ventures and Entrepreneurs Roundtable Accelerator.
SquareFoot combines technology and a brokerage team to digitise the leasing process from the initial search through to lease negotiation and signing.
Another FinTech transaction completed by Rosecliff this year, was a contribution to the $13m Series A of credit card startup Petal. The company uses machine learning technology to assess individuals rather than credit scores and borrowing history.
Rosecliff had also previously invested into Petal’s seed round, which netted $3.6m in 2017.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
