True Ventures has closed its sixth early stage fund True Ventures VI with USD350 million in capital commitments and its third Select Fund True Ventures Select III at USD285 million.
The firm will use Fund VI to continue investing in dynamic, category-leading founders building companies across a range of industries. Fund VI investments will include enterprise software, hardware devices, consumer products, cryptocurrencies and innovation in digital biology.
“Our goal is to support the whole founder – personally, professionally, financially and interpersonally – so they have the emotional safety needed in order to be fearlessly creative,” says Jon Callaghan, co-founder of True Ventures.
Since 2005, the True Ventures team has believed in the power of creative entrepreneurs such as James Park and Eric Friedman of wearable technology pioneer Fitbit, Jamie Siminoff of Ring (acquired by Amazon) and Amy Errett of hair care company Madison Reed. These founders have become category leaders or created new markets entirely.
“We encourage entrepreneurs to start small, but not think small,” says Phil Black, co-founder of True Ventures. “With our new funds, we will continue our long history of investing in companies with broad impact for the future of society and our lives.”
While Fund VI will focus on new investments, Select III will provide significant follow-on capital to existing True portfolio companies that have achieved meaningful market traction. Zymergen, a molecular technology company leveraging biology and machine learning to engineer new materials, and fitness-media company Peloton have both benefited from True’s Select Funds.
“True Ventures has been with us every step of the way,” says Peloton Founder and CEO John Foley. “Knowing we can return to the firm for additional, later stage financing has given us the space and support to be creative, without limits, in how we expand Peloton.”
The firm continues to expand its educational offerings and community programs that have differentiated the True portfolio experience since day one. Considering the True team’s hearty belief that fortune favours the connected entrepreneur, True’s founder platform places high emphasis on creating opportunities for collaboration and connection.
This autumn, True launched the True Spark Fellowship, a new career pathway program open to Black and Latinx college graduates and graduate-age professionals at the beginning of their technology careers. The first class will join True portfolio companies in September 2019.
The True Spark Fellowship is one of three fellowship programs led by True Ventures. For a decade, the True Entrepreneur Corps Fellowship has been a stepping stone for college juniors and seniors looking to forge careers at high-impact technology companies. Similarly, True’s Priya Haji Fellowship, now in its fourth year, was designed to provide those who identify as women, trans-women, genderqueer or non-binary with pathways to their first startup jobs. In total, True’s fellowship programs have helped more than 100 students launch their careers. Find more information on True Ventures Fellowships here.
