Seven Peak Ventures raises up to $21m for sophomore fund

Oregon-based venture capital firm Seven Peaks Ventures has raised up to $21m for its sophomore fund.

Seven Peaks Ventures Fund II is looking to raise at least $30m, a new US SEC filing reveals. However, the document does not make it clear whether this is a target or hardcap.

The fundraise has a minimum contribution size of $100,000 and has registered contributions from 79 investors.

Seven Peaks looks to back companies based in the pacific northwest area, and are looking to raise their Series A round. Its areas of focus include real-time enterprise, AI and machine learning, digital health, security, identification, AR and VR, and workflow automation.

The firm’s maiden fund reportedly closed in 2013 with a capital pool of $7.4m.

Last week, the firm contributed to the $8m Series B of property investment marketplace CrowdStreet. The company is using the new financing to launch new products and services.

Crowdstreet is a commercial real estate investment marketplace, technology and professional services company. Investors can use the platform to directly access institutional-quality property opportunities to invest in.

Other companies in Seven Peaks portfolio include digital rent service Cozy, AI-based revenue generation platform metricstory, ID verification solution Trusona.

Last week, it was revealed fellow US-based VC firm Foundation Capital is looking to raise up to $350m for its ninth vehicle. The fund is looking to pick up $25m more capital than its predecessor, which closed in 2015.

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