Venture capital firm Homebrew is reportedly seeking to raise $50 million for a new fund, as per a recent filing with the U.S. Securities and Exchange Commission. This move comes as a surprise, given that the firm had previously indicated a shift towards an evergreen model funded solely by its general partners, Satya Patel and Hunter Walk. However, it is not uncommon for firms to raise multiple funds concurrently to target specific opportunities, such as creating an opportunity-focused fund alongside their primary vehicle.
Key Takeaway
Homebrew Ventures, known for its focus on seed-stage investments, is seeking to raise $50 million for a new fund, signaling a potential shift in its investment strategy.
New Fund Strategy
In March 2022, Homebrew announced its transition to an open-ended fund structure with no termination date, signifying a significant shift in its investment approach.
Investment Focus
Based in San Francisco, Homebrew has traditionally focused on seed-stage investing and has made approximately 200 investments since its establishment in 2013. Some of its notable investments include Winnie, Finix, Concentric AI, Mercury, and Plaid. The firm has also seen around three dozen portfolio companies, including Cruise, Weave, and Cheddar, successfully exit.
Recent Investment Activity
Notably, Homebrew recently led a $12 million Series A round into Slang.ai, a platform designed to automate phone responses for restaurants, retailers, and other brick-and-mortar businesses.
