M13 closes sophomore fund on $175m

M13, a US-based venture capital firm, has closed its oversubscribed sophomore fund on $175m.

The initial target of the vehicle had been set at $150m.

Its new fund will prioritize Seed and Series A investment and make select Series B+ rounds in emerging consumer technology startups.

The firm was founded in 2016 and has completed over 80 direct investments and held 16 exits. Its prior investments have a total enterprise value of $137bn, the company claims. Some of its portfolio companies include social media platform Pintrest, ride sharing company Lyft, and spacecraft developer SpaceX.

Fund II will continue to M13’s focus on consumer behaviour, backing businesses building technology solutions in the personal finance, health, transportation, food, and housing spaces.

The firm has made a handful of investments into the FinTech space. M13 has supported crypto-mining solution for consumers Coinmine, online lending service earnest, and digital banking app Good Money.

M13 co-founder and partner Carter Reum said, “As former founders and operators, all of us at M13 have the experience and empathy to support our founding teams throughout their entire journey. M13 has already demonstrated success in deploying our investors’ capital into what are now household names, and we look forward to continuing our investment strategy with Fund II. Fund II will allow M13 to take meaningful ownership stakes in compelling companies and grow them in future rounds.”

Virgin Group founder and M13 investor Sir Richard Branson said, “I’m glad to be an investor in M13. I have followed co-founders Carter and Courtney Reum for many years. Now they have added General Partner Latif Peracha, who worked on Virgin’s US companies and looked after my US venture investments for the last seven years.”

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