Tuesday, June 23, 2015
CrossCut Ventures Raises New, $75M Venture Fund
Venice, California-base CrossCut Ventures, one of the region's earliest believers in the potential of Silicon Beach startups, has raised a new, $75M fund, the firm announced this morning. Managing Directors of the new fund are Rick Smith, Brett Brewer, and Brian Garrett, along with new addition Clinton Foy. This is the third fund for CrossCut, which said the new fund was significantly oversubscribed, having had an initial target of $50M. Notable limited partners in the fund include The John Irvine Foundation and Top Tier Capital. Crosscut's existing portfolio includes JustFab, Club W, Conversion Logic, Data Science, Narvar, The Black Tux, Mobcrush, Vulcun, HelloTech, little-labs, GumGum, Ipsy, Omaze, Shift, Verve Mobile, docstoc, Lettuce Apps, Pulpo Media, Starmaker, and Super Evil MegaCorp, and the firm now counts 10 exits so far from its portfolio. The new fund is a significant validation for CrossCut, which got its start during the 2008 downturn with a tiny seed fund.