Cellular-Targeted Eniac Ventures Raises $55M Third Fund

Mobile-Focused Eniac Ventures Raises $55M Third Fund

Eniac Ventures, a agency that backs early-stage cellular startups, is saying that it has raised $fifty five million for its third fund.

That’s an enormous step up from its $12.9 million second fund — to say nothing of the primary, $1.9 million fund that it introduced again in 2010.

Companion Hadley Harris informed me that Eniac will proceed to concentrate on seed-stage offers, with its preliminary funding averaging $500,000. The “majority” of the fund might be used to make comply with-on investments in these corporations.

Based in 2009, Eniac has now backed greater than 60 startups. Once I requested which of them are probably the most invaluable, Harris replied that most of the most profitable ones are nonetheless unbiased and personal (and subsequently not disclosing valuations). He did, nevertheless, word current successes like TapCommerce’s acquisition by Twitter and Vungle’s $17 million funding.

Newer information from the portfolio additionally consists of Boxed elevating $25 million, Glide elevating $20 million, and Elevate being named Apple’s free app of the yr. Oh, and evaluation from CB Insights discovered that amongst “micro-VCs,” Eniac’s startups increase Collection A’s the quickest after the seed spherical.

The agency has been targeted on cellular from the start, however Harris famous that this could additionally imply startups constructing Web-related wearables and different devices — as he put it, Eniac’s definition of cellular-first consists of “any firm whose imaginative and prescient is predicated on the truth that individuals are continually related to the Web.”

Harris stated Eniac had initially focused $50 million for the oversubscribed fund. The agency says buyers within the fund embrace “outstanding household workplaces, monetary establishments, and is anchored by a Prime 10 college endowment.”

In addition to Harris, Eniac’s 4 companions embrace Nihal Mehta, Vic Singh, and Timothy Younger. Harris described the group’s technique as “a swarm strategy,” the place all companions can work with startups within the portfolio.

By the best way, I’m fairly positive Harris is the one on the far proper within the workforce photograph above. Don’t ask me concerning the tractor, although.

Featured Picture: Eniac Ventures