In 2011, a gaggle of early Facebook staff pooled collectively some capital, $1.25 million to be precise, and created a enterprise agency based mostly on the concept creating concepts and forming profitable corporations takes time. Slow Ventures, they referred to as it, went on to again a number of the buzziest unicorns on the seed-stage, together with Slack, Casper, Postmates and Airtable.
Today, Slow is saying its fourth large fundraise: $220 million for 2 funds. Specifically, the agency has attracted $165 million for its fourth flagship seed fund and a further $55 million for its first follow-on fund.
“With our first Opportunity Fund, we’re excited to be able to invest additional capital in existing Slow portfolio companies as they scale, while also now being able to invest for the first time in more mature growth-stage companies that we missed earlier on,” the companions wrote within the fund announcement.
Slow co-founder Dave Morin, who helped construct the Facebook Platform and Facebook Connect throughout his tenure on the social media large, and Scott Marlette, who joined Slow in 2016 after co-founding GoodRx, will probably be taking a step again from the fund.
“Both will remain active supporting the existing portfolio companies but have decided to step back from making new investments,” Slow co-founder Kevin Colleran advised TechCrunch through e mail. “Dave is actively exploring some entrepreneurial initiatives whereas additionally targeted on Sunrise (a non-profit he began that focuses on doing, funding, and speaking one of the best mind science). Scott is taking a while off from enterprise capital and will finally begin one other firm of his personal like he did beforehand with GoodRx .”
With Morin and Marlette taking a step again, Slow’s partnership now contains Colleran, Slow co-founder and former Facebook vp of product administration Sam Lessin and Will Quist, who joined as a accomplice in 2015 after eight years at Industry Ventures.
Slow Ventures is not the “Facebook Alumni Fund,” because it was as soon as recognized.
“We were backed exclusively by five friends from Facebook’s early days who were eager to support the next generation of tech entrepreneurs,” Slow’s companions wrote. “Over time, that group of friends grew beyond the Facebook network to include other founders, professional investors, and executives from notable tech companies both within and beyond Silicon Valley.”
Slow considers itself a generalist fund, investing throughout geographies and industries, from digital well being and wellness to enterprise to house. The agency closed its third fund in 2016 on $145 million.
