Teamworthy Ventures is out targeting up to $80m for its first fund since rebranding from Haystack Partners in the summer.
The firm targets deals in tech business across areas including FinTech, sports, travel, mobile commerce, health IR and marketing.
Investments in Teamworthy’s portfolio include consumer finance startup Clarity Money, online financial advisor Betterment and equity management platform Carta, which was formerly known as eShares.
Haystack pulled in at least $38m for its debut fund last year, having initially targeted up to $40m before upping that to $50m, a filing it registered with the US securities regulator just over a year ago showed.
Haystack has not publicly revealed on how much it eventually closed that fund, but it has wasted no time returning to the capital raising market.
The new fund – named Teamworthy Ventures II – is yet to register any capital commitments, but the firm states in the filing that it expects the raise to be complete within the next 12 months.
Teamworthy said it changed its name due to sometime confusion over the phrase “needles in haystacks”, according to a blog post on its website.
It said its true inspiration is “the gritty teamwork required to harvest hay from a field and stack it in a barn”.
Teamworthy is led by managing partner Thomas Lehrman, the co-founder and former co-CEO of Gerson Lehrman Group.
He also previously served as a director of the Office of WMD Terrorism at the US Department of State, and as a member of the professional staff on the President’s WMD Commission.
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