Cowboy Ventures raises $95m for Fund 3

Seed stage-focused investor Cowboy Ventures has raised $95m for its third venture fund.

The vehicle will focus on backing US-based technology startups looking for seed-stage funding. The firm aims to make between six and 10 investments each year, and makes follow-on commitments to portfolio companies over time.

While the firm is looking to keep the same investment focus as its predecessor vehicles, it is looking at some new opportunities. Cowboy will look to back companies re-imagining the back-office processes, ‘loop software’ which requires no manual input to carry out repeated tasks, augmented reality, and technology improving physical and mental health.

It will also support any companies that are re-imagining existing products and making them more accessible and cheaper.

Cowboy Ventures Fund III has registered commitments from 30 investors, according to the latest US SEC filing.

In a blog post the firm said, “Cowboy Ventures is a ‘generalist’ seed firm. We are sometimes asked “what kind of deals do you to invest in?” The answer is – we love to meet founders before they raise their first institutional seed round. We are open for business to meet with tech entrepreneurs across the US, whether their target customer is a consumer, a small business or a large enterprise.”

Cowboy Ventures has been an active investor within the FinTech space. Last month, the firm participated in the $25m Series B of automated debt management company Tally. The company hopes the capital injection will help it to scale across the US.

The firm kicked off 2018 with a lead investment into automated tax compliance solution LumaTax, which raised $3m from a group of backers. The company aims to use the financing to expand its ‘Touch-free Tax Returns’ platform to small businesses in new markets.

Other FinTechs in Cowboy’s portfolio include online mortgage platform LendingHome, and B2B E-commerce solution NuORDER.

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