Rainfall Ventures eyes $10m for debut venture fund

Rainfall Ventures, a venture capital firm based in New York and Los Angeles, is looking to raised $10m for its inaugural fund.

The vehicle has yet to register any capital and it is unclear whether the $10m sum is a target or hardcap, according to the latest US Securities and Exchange Commission filing. No placement agent or minimum contribution has been established for this fundraise.

Rainfall is the rebrand of Vaizra Investments and has been operating since 2011.

While this is the first venture fund from Rainfall, it already has a number of companies in its portfolio.

Earlier in the year, the firm participated in the $5.5m seed investment of Pillar, a mobile app designed to help users manage and save money to improve student loan repayments. The app is available for Android and iOS and is linked to over $50m worth of student loans.

Other recent investments from Rainfall include a lead investment in spend management company ClassWallet’s $2.3m funding round, and a contribution to the $3m round of InsurTech startup Clyde.

There are several other FinTechs in its portfolio including investing app robinhood, online payments platform Privacy, and digital banking service Novo, and others.

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