Las Olas Venture Capital (LOVC) announced Wednesday (April 13) that it has raised $50 million for its newest fund, helping it continue its strategy of making seed-stage investments in B2B software ventures.
According to a company press release, LOVC is focusing on companies based in emerging tech markets like the southeastern U.S.
The fund will seek to lead rounds with sizes between $3 million and $5 million, per the release, with up to $2.5 million initial checks and plans to reserve additional capital for follow-on investments.
LOVC expects to invest in 15 to 20 companies out of this fund, and has already made closures on three of its first investments.
“We are grateful for the market reception to our thesis here at LOVC,” Founding Partner Mark Volchek said in the release. “Our strategy has begun to prove itself out with the strong performance of our Fund I portfolio, and we are glad that our approach has resonated with our returning limited partners and new investors for this fund.
“We plan to double down on our existing strategy of taking concentrated lead positions and working closely with exceptional B2B founders.”
In other news related to fundraising, PYMNTS wrote that Las Olas led a $5 million seed financing round into Leverage.ai, its third Fund II investment.
Read more: Mark Cuban, Las Olas Venture Capital Invest in Supply Chain Tech Firm Leverage
Leverage is a supply chain and logistics tech company offering an artificial intelligence (AI)-driven vendor relationship management platform. It reportedly works on streamlining communication, collaboration, reporting, insights and other such things.
It also works to automate and consolidate critical functions in supply chain management, helping businesses boost their efficiency. The investment will give Leverage more room to boost product development along with its engineering, marketing and sales teams.
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