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What pandemic? Inside Boston’s scorching VC summer

NextView Ventures closes its fourth fund with $89 million

NextView Ventures, a Boston-based enterprise capital fund, has raised an $89.6 million fund, in keeping with SEC filings. The agency’s fourth fund, its largest thus far, is oversubscribed, with early paperwork indicating a $70 million purpose. The NextView Ventures workforce didn’t instantly reply to request for remark.

NextView Ventures was launched in 2010 by Rob Go, a former companion at Spark Capital; Dave Beisel, who clocked time at Venrock and Masthead Venture Partners; and Lee Hower, a former investor at Point Judith Capital. Melody Koh joined as a companion three years in the past, and most just lately, the fund introduced on former journalist Leah Fessler as an investor.

The fund, which has workplaces in New York in addition to Boston, invests in shopper and software-as-a-service enterprise startups on the pre-seed and seed stage. Its portfolio consists of Ellevest, an investing platform for ladies; Grove Collaborative, a sustainable items subscription platform; and ThredUp, which has confidentially filed for IPO. In April, NextView launched a digital accelerator for startups to construct a extra sturdy pipeline for deal move. The agency invested $200,000 for an 8% fairness stake in a variety of pre-seed and seed startups centered on “the on a regular basis economic system.”

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Despite the pandemic, Boston’s startup scene has continued to draw document numbers in enterprise capital quantity. In truth, in keeping with PitchBook knowledge, Boston-area startups raised extra non-public capital throughout summer season 2020 than they did in summer season 2019, suggesting that the pandemic has been a boon to startups in combination.

More just lately, my colleague Alex Wilhelm and I wrote about how the Boston space is rising its demographic footprint in enterprise capital. In Q3 2019, New England drove 9.3% of U.S. enterprise offers, and 10.3% of U.S. enterprise {dollars}. In Q3 2020, these numbers have been 9.3% of U.S. enterprise offers, and 12.7% of U.S. enterprise {dollars}. The share change is notable, particularly amid risky occasions.

NextView’s new fund is one more sign of town’s capacity to draw institutional funding. Its earlier fund was raised in 2017 at a $50 million shut.

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