Underscore VC’s partners planned to begin seeking capital for the firm’s second early-stage venture fund in the fall. Instead, their backers approached them, eager to re-invest.
“We were pre-empted,” says co-founder and partner Michael Skok. “That’s pretty unusual.”
The result of those talks is being announced Thursday: Underscore’s investors are pouring $116.9 million into the firm’s second fund, says Cory Bolotsky, head of platform and community for the Boston-based venture firm.
“In this business, you can spend a lot of time fundraising,” says Skok (pictured above, second from left). “This was a huge bonus.”
Underscore raised $85 million for its debut fund in 2016. It says it has invested in more than 20 young ventures working in e-commerce, marketing technology, open-source software, cloud infrastructure products, blockchain systems, artificial intelligence, connected devices, and augmented and virtual reality. Its portfoliocompanies include Salsify, CloudZero, Zaius, Soofa, and Commonwealth Crypto.Read Complete Article