Underscore VC has closed its second venture fund on $115m, raising over 30 per cent more than its debut vehicle which closed in 2016.
The new fund, which was supported by the LPs from Fund I, will look to invest in trusted cloud intelligence services. Underscore, which is focused on the US market, typically invests into companies from their seed and Series A rounds, and then follow-on rounds.
Prior to this fund, the company secured $85m for its debut vehicle, which has been used to back more than 20 companies. Companies in its portfolio are operating solutions in the open source, AR/VR, AI and machine learning, e-commerce, MarTech, cloud infrastructure, blockchain and IoT spaces.
Earlier in the year, the firm led the $8m Series A investment into e-commerce software developer Moltin. The Boston-headquartered company provides an API-based e-commerce solution to help retailers digitise their stores. Services include cross-platform shopping carts and digital checkouts, inventory management, online orders, payment gateways and data model control.
Following the close of the fund, Underscore will look to grow the size of its team and focus on expanding its community.
In a blog post the firm said, ?We have a big vision for the future of our community and investment firm. We set out to build a multi-generational team to endure business and investing cycles and to be foundational to the local tech community for decades to come.
?As we enter this next chapter of Underscore VC Fund II, were hiring more investment professionals, a CFO/COO and a marketer to expand our capacity to support the Underscore portfolio and community.p>
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