Freestyle Capital raised a new $90 million fund and promoted Jenny Lefcourt to general partner
Freestyle Capital has raised the work of its fourth money to invest in early-stage startups. This time around the house isincreasing thefund width to $90 millionand promotingJenny Lefcourtto general partner.
Freestyle was founded by Josh Felser and Dave Samuel, serial entrepreneurs who had previously built and sold got a couple of companies together. After a short period of angel investing, the two grew theirfirst money of $26 million in 2011 and have added a brand-new money roughly every two years ever since.
In 2013 the fund grewto $40 million, and they increasedit again with their $60 millionFund III in 2015. For Fund IV, Freestyle upped the gambling and grew $90 million, in part so that it is able to keep Lefcourt on an equal footing with the founding partners.
Like most monies, we have continued to raise more as we become better at “what were doing”, but this was the first time where we were oversubscribed, Felser told me. We want to take big risks and invest more capital, but adding Jenny was a huge impetus for raising more capital.
Hiring a brand-new generalpartner is neveran fast decided not to realise, extremely when youre talking about adding an equal thirdto got a couple of guys who have been working together for the past two decades.
We actually thought we might never add someone else, sincewe know each other so well, Felser enunciated.[ But] when you believe the people you bring in are going to increase the tart then it was easy for us to decide to do it.
Like Felser and Samuel, Lefcourt is a serial entrepreneur, having founded WeddingChannel.com and Bella Pictures.She firstly satisfied the Freestyle people when she was sloping them on investment in one of her startups and learned about their reputation
We sloped Freestyle in part to be a part of that benefactor ecosystem, Lefcourt told me. We kept listening from beings, If theyll endow, you are able to take their money.’
Lefcourtjoined the Freestyle crewtoward the end of Fund II, and became a partner with the end of Fund III. But with the brand-new money, she will share equally in the decision-making and the economics with the other generalpartners.
We started at one locate and intent at another. I affiliated part-time and I remember Dave not being comfortable with me having the designation marriage at first, Lefcourt told me. That everything changed with Fund III, she enunciated. Dave enunciated, We demand you to be a partner, and I knew it was a big commitment to me.
With the promotionof Lefcourt as general marriage, the house hopes to invest in more women and underrepresented founders, although she is quick to point out that since assembling Freestyle Felser has backed more female founders than she has. To some founders, diversity in the partnership is important, Lefcourt said.
Other than that , not much has changed. With the brand-new money, Freestyle will continue to focus on backing seed-stage startups and writing first checks of$ 1 million to $1.5 million. Illustrious investments from the first 3 monies include Intercom, Patreon, Narvar, Digit, Wag, Betterup and Airtable.