Morning Report: Capping off the week’s run of funding news, here are two newly-closed venture funds.
Good morning and happy Friday, everyone. You have nearly made it to the weekend.
Capping off an active week of venture deals, we have the latest on two venture fund closings for you. And, to keep things interesting, the firms in question are quite different.
I think we’ll go from smaller to larger, which means we will start with Oxx.
Oxx announced a new fund this week, called Oxx I, that has $100 million “in funds under management so far.” I suppose that the firm is willing to take on more capital if it becomes available, given that description from its own materials.
According to the group, Oxx I will target “scale-up stage B2B software companies.” The same release goes on to note that the firm will “participate in funding rounds of $5 million to $20 million.” The firm will likely invest in late-Seed and Series A companies, with maybe a B mixed in. In 2018, $20 million doesn’t go very far, especially if we presume that the firm is only looking to invest in startups with revenue.
Moving along, Foresite Capital announced its Fund IV this week, which will command a $668 million capital pool. According to the firm, the new fund brings its assets under management to $2 billion. Foresite targets the world of biotech, meaning that it operates on a wholly different axis from Oxx.
The firm’s new fund is its largest to date. According to Crunchbase, Foresite’s preceding funds came in at $450 million, $300 million, and $100 million. Foresite’s most active quarter of investing in its life was Q1 2018, with 6 known deals. That bested Q3 2015, which saw Foresite make 5 deals. Here’s the full chart:
Regardless, venture capitalists are still stacking fresh powder as the labor market continues to tighten. If it’s a bit late in business cycle to raise new (and larger) funds is something we’ll know in a few years.
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