Spur Capital Partners, a venture capital investor, is set to raise $200 million for its seventh seed capital. smallSo far, it has secured nearly $74 million to bet on early-stage VCs, per securities deposit.
Who or what exactly is Spur betting on? Over the years, the investor claims to have supported indirectly dozens high-tech and early-stage life sciences companies, including hostel Airbnb and arms maker Anduril. But Spur did not respond when asked about the names of the VC firms in its portfolio.
Spur has been raising cash for the fund for more than a year and is already investing from it, the Bartlesville, Oklahoma-based firm told TechCrunch. So far, at least 40 unnamed investors have joined the seventh fund, according to the filing. Spur says its limited partners include pension plans and family offices in the US and Europe.
Spur has been around for about two decades, but at $200 million, the firm’s seventh fund would be among its biggest ever. The investor has more than $1.2 billion in assets under management, according to Pitchbook.
Bet on VC in recession
The economy stinks and technology knows it. Reactive startups are laying off workers and even giants like Google are sending out fewer offers and shedding what they can from their existing workforce. The way things are going, you can assume venture capital is feeling the heat, and at this point, VCs are cutting deals in some—but not all—cases. However, it’s not because they ran out of money.
In fact, US VCs have more cash to spare than ever before, but rising interest ratesRussia’s invasion of Ukraine and other factors have renewed the appetite for profitability, at least in the later stages.
At the opposite end, the trend is leading to more funds of funds backing early-stage venture firms. Even in ever-uncertain times, investors still don’t want to lose anything The next big thing It might be.