Version One Ventures has closed its second fund.
The early-stage fund venture capital firm for technology startups has raised $35 million for Fund II. The Vancouver-born VC firm says it will spread the capital across up to 25 companies at the Seed and Stage A stages.
The fund, which was anchored by Northleaf Venture Catalyst Fund, BDC Capital, and existing investors from Fund I, will keep investment sizes in the $500,000 to $1 million range, according to Boris Wertz, who founded Version One. The award-winning former superangel says that while Fund I was more narrowly focused on companies in the SaaS and mobile spaces, Fund II will branch out to new markets including healthcare, cryptocurrency, and government 2.0.
“Our investment strategy is simple: we’re looking for the best teams who solve big problems in a unique way,” said Wertz. “It’s not necessarily enough to make something better, faster, or cheaper. We want to support entrepreneurs who are disrupting big categories or aiming to create entirely new ones.”
Version One Ventures expects to begin investing the second fund immediately, with around 20 to 25 Seed and Series A investment opportunities planned. Investment sizes will range between $500,000 and $1 million dollar. Slightly larger than Fund I, Fund II will give Version One Ventures the ability to lead more rounds and to provide continued support to its entrepreneurs as they scale their companies.
The collective valuation of Version One Venture’s current portfolio is over $600 million, with Fund I startups raising $200 million since Version One Ventures’ initial investment.