(Photo courtesy of the Case Foundation)
BREAKING: @Revolution announces new $215 million venture fund https://t.co/8uU3pYpWOS “Being an entrepreneur is hard, and we will stand by all our companies, knowing that there will be inevitable ‘ups’ and ‘downs’ ahead” @tigesavage @davidggolden @sieg pic.twitter.com/xISImHkVsw
— Steve Case (@SteveCase) September 18, 2019
As its other rounds in this venture fund, the capital will be used to invest nationally in early-stage companies focused on multi billion-dollar categories. Revolution Ventures puts an emphasis on investing in startups in underserved geographies, so outside of tech hubs like Silicon Valley. Revolution also oversees two other major funds, the Rise of the Rest Seed Fund and Revolution Growth.
“Revolution is focused on backing entrepreneurs in places that are overlooked by most venture capitalists,” Case, who is Revolution’s chairman and CEO, said in a statement. “Revolution Ventures has a proven track record of identifying promising young companies that need capital and expertise, and then actively partnering with them to scale and succeed.”
This $215 million raise is the firm’s highest for the Revolution Ventures fund, as the previous two raises amounted to $200 million each. In the second Revolution Ventures fund (RV2), five of the 18 companies it made investments in have achieved full or partial exits. The company said in the news release that since it focuses on markets outside of the big tech corridors, it’s able to find entrepreneurs and promising starts in a less intensive and competitive environment.
“This investment philosophy has resulted in outsized returns—and this new fund is poised to benefit from the unique and growing deal flow from Revolution’s national brand and network,” Case said in a press release.
Locally, RV2 invested in D.C. area startups including Framebridge, a company that creates custom frames based on digital pictures that recently opened a D.C. retail store, and real estate tech startup Homesnap, curator of an app that allows users to find out more info about a property after snapping its photo.
Previously, Revolution has invested in notable companies like Wirewheel, the Arlington, Va.-based creator of a platform that helps companies and organizations protect data and meet compliance standards, and FiscalNote, a D.C.-based company that runs a legislative prediction platform.-30-
Library of Congress secured a $1M grant to pilot infrastructure for digital research
Howard University will be part of Techstars’ 10-city Startup Weekend tour
Sorcero secured a spot in a West Coast-based accelerator
Verizon is looking for the brightest ideas on how to use its 5G technology
These 4 DC-area accelerators each nabbed $50K in federal funding
Center for Innovative Technology announces series of funding briefings for Virginia entrepreneurs
Stephanie Cummings of Please Assist Me wins big at the HERImpact DC pitch competition
Escape the August heat with cool AI tech
Sign-up for daily news updates from Technical.ly Dc