By Lynda Kiernan
Seattle-based venture capital firm Venture Capital announced it has raised $100 million for its fifth fund. The capital will be deployed across the high-growth, but underserved Cascadia region of Washington State, Oregon, and Western Canada to fund innovation through initial rounds in B2B startups engaged in Agtech, Fintech, and Mediatech.
Backing the fund are investors from the U.S., Canada, and Europe, including funds of funds, trusts, family offices, and individuals looking to engage in the Cascadia ecosystem.
“Cascadia is exploding with growth but underserved by venture capital,” said Bill McAleer, founder and managing director of Voyager Capital. “Seen as one of the most active early-stage startup locations in the country, this region is leading the major trends in computing, creating significant investment opportunities with exceptional outcomes at sub-unicorn valuations.”
Since its founding in 1997, Voyager Capital’s team, which has a combined 60 years of venture experience, has employed an entrepreneur-centric approach to help drive success for startups across the Pacific Northwest and California through their extensive knowledge and nationwide network. With $520 million in assets under management and offices in Seattle, Washington, Portland, Oregon, and Vancouver, British Columbia, the firm has invested in B2B software, cloud infrastructure, AI-driven applications, and machine learning, providing the support needed to achieve market disruption and a sustainable competitive advantage.
“With fresh capital, an expanded team, and active investments, we’re charging ahead with great momentum in Seattle, Portland, and now Western Canada,” said Diane Fraiman, managing director, Voyager Capital. “As experienced investors as well as mentors and coaches who live in the communities we invest in, we partner with entrepreneurs to build outstanding companies of lasting value and drive the entire ecosystem.”
Over the past four years the firm has executed 14 exits, three of which were to major cloud providers such as Amazon Web Services, and Google Cloud Platform. And having looked back to examine the firm’s record, the team decided to no longer invest in California, having noted how its investments in the Pacific Northwest outperformed, despite the Silicon Valley hub.
“The valuations are getting really crazy down there,” Voyager Capital co-founder Bill McAleer told GeekWire. “It costs almost 2.5 times as much to build a company.”
From its fifth fund the firm plans to make between 15 and 20 early-stage, B2B investments, however, it has already completed five new investments in startups in which it plans to help grow teams, build strategic partnerships and customer banks, and to accelerate revenue streaming.
“Our focus on this region is pretty intense,” said McAleer. “There’s been an explosion of growth, particularly in Seattle.”
– Lynda Kiernan is Editor with GAI Media and daily contributor to GAI News. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at lkiernan@globalaginvesting.com
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