Santa Monica-based venture capital firm M13 has raised more than $400 million for its third fund, according to reports.
M13 was founded in 2016 by brothers Courtney Reum and Carter Reum, who is married to businesswoman and fellow venture investor Paris Hilton. Since the firm was founded, it’s invested in high-profile companies including Bird, Capsule and ClassPass.
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The latest fund will be increasingly focused on tech related to Web3, according to dot.LA. In case you’ve missed the Web3 discourse that’s been going on the past few months, Web3 is the idea of a “decentralized web” based on the blockchain. M13’s not alone in its investment interest in the area—funding has started to pour in for companies in areas related to blockchain technology, according to Crunchbase data.
The firm, which focuses on consumer tech, has announced five investments so far this year, according to Crunchbase data. Most recently, M13 invested in carbon dioxide removal marketplace Nori and nutritional brain supplement BrainLuxury.
M13, not to be confused with Microsoft’s venture fund M12, has already seen a number of high-profile exits in the six or so years it’s been around. M13 backed The Honest Company, the clean-ingredient consumer goods company co-founded by Jessica Alba, which went public through an IPO last year, and scooter company Bird, which went public through a SPAC. M13 has also backed exited companies like Lyft, Ring and Snap.
Illustration: Dom Guzman
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