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Austin’s Next Coast Ventures Raises $310M For New Funds

Austin-based startup investor Next Coast Ventures announced it has closed on $310 million in capital across three new funds.

The fundraise includes $195 million for a third flagship fund, Next Coast Ventures III, along with a $50 million opportunity fund, and $65 million for a fund backing entrepreneurs who are looking to acquire and scale small businesses.

The closing brings total capital raised since inception for the 7-year-old firm to over half a billion dollars. It also comes on the heels of a string of exits and up-rounds. 

At least five Next Coast portfolio companies were acquired last year: emergency alert provider AlertMedia; customer experience platform Tenfold; merchant dispute management platform Chargeback; logistics startup Navegate; and cash-back app Dosh. While acquisition prices were not disclosed, outcomes were favorable, said Mike Smerklo, Next Coast’s co-founder and managing director, noting that the firm has been producing top quartile returns.

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Next Coast’s investment strategy is both geographic and thematic. The firm favors startups based outside the main coastal tech hubs, with a high concentration of investments in Austin, along with deals in other metro areas including Houston, Salt Lake City and Miami. Its investment thesis centers around several broad themes, including the future of work, online learning and self-care. 

Next Coast’s current, active portfolio includes a number of high-profile Austin-based companies including Everly Health, the home health testing provider, and ICON, which makes 3D-printed homes.

Illustration: Li-Anne Dias

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