Oregon-based VC firm Seven Peaks Ventures has held the $28m final close for its second vehicle.
Seven Peaks Ventures II will look to invest in early-stage technology startups across the Pacific Northwest and Western US. Areas of focus include data and AI, FinTech, HRtech, digital health, identity/security, and cloud infrastructure.
A number of ‘leading institutional investors’ in the Northwest contributed to the fundraise, including the State of Oregon and the OSU Foundation. Other backings came from other institutions, family offices and return limited partners.
Last month, FinTech Global reported the firm had pulled in up to $21m for the sophomore fund following a new US SEC document. The filing stated there had been 79 registered investors to the vehicle, which had a minimum contribution of $100,000. On the paper it outlined a total offering for sale of $30m.
The vehicle has already been tapped to make seven investments, including identity verification platform Trusona, AI-based revenue generation platform metricstory and information automation company Zapinfo.
Alongside the launch of the sophomore fund, the firm has established a new advisor and corporate resources platform to help portfolio members scale their enterprises.
The firm’s maiden vehicle reportedly closed on $7.4m in 2013 and was used to invest into companies such as CrowdStreet. Earlier in the year, Seven Peaks took part in the $8m Series B round of property investment marketplace Crowdstreet to support the launch of new products and services.
Seven Peaks founder and managing director Dino Vendetti said, “Seven Peaks Ventures launched in 2013 to address the capital and business-building expertise gap that existed in the Northwest’s early-stage market, particularly in Oregon. Over the past five years, we’ve worked hard to claim a spot for Oregon on the map as a viable hub for capital and a great place to start a business.”
Bonfire Collective is an entrepreneur support group created by Seven Peaks which holds curated events to help companies and communities engage and collaborate together. In line with the launch of the fund, the firm has bolstered the Collective and will offer a monthly podcast series.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
