Round13 Capital has raised $200 million in the first close of its latest fund, as its co-founders Bruce Croxon and John Eckert hand over the leadership reins.
The latest fund is Round13’s third, and has a target size of $300 million, according to The Globe and Mail. Toronto-based Round13 did not disclose the limited partners that invested in Round13 Fund III.
Stepping back, Croxon and Eckert have appointed Round13 general partners Brahm Klar and Wilson Lee as managing partners for Round13 Fund III. Croxon and Eckert will continue to lead the investment firm broadly, while Klar and Lee will be responsible for the day-to-day operations.
Another change at the firm is to the name of Round13’s growth fund. The firm has rebranded it to the PropelR Growth Fund. Round13 stated, “This branding change will better reflect the independent and unique strategies of Round13 Fund III and that of PropelR Growth Fund.”
PropelR invests in both private and public rounds, with shorter time horizons than Round13’s general funds. It focuses on later-stage pre-IPO companies with hold periods of two to three years. PropelR is led by co-founder and managing partner Sanjiv Samant.
Round13 raised a total of $95 million for its first fund in 2017. Two years later it launched its second fund, which ultimately closed at $158 million. It was around that time that Round13 also created its first growth fund. In addition to these funds, Round13 has the Digital Asset Fund, which invests in blockchain and Web3 infrastructure companies.
As of May 2022, the Digital Asset Fund had raised $70 million. At the same time, Round13 was also fundraising for its second growth fund (now PropelR). At the time, Round13 told BetaKit that the firm had closed $150 million USD towards its goal of $180 million for PropelR. According to The Globe, PropelR is also in the final stages of closing that fund.
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