Watertower Group Launches Venture Fund

Los Angeles-based Watertower Group said earlier this month that it has launched a new, venture capital fund focused on investments in the technology and digital media sector. The firm said it will look to invest between $100,000 and $1M in companies. Size of the fund was not disclosed. Watertower Group is a provider of advisory services for entrepreneurs; the firm indicated that it will specifically manage future fund raising efforts of the firms it invests in, and that it is targeting companies who are looking to raise additional capital from Tier One venture capital firms. The firm is at least the third group in the Los Angeles area combining operational and advisory services with a small venture fund. Other firms which are specifically combining both small venture funds and advisory or management expertise to startups here include Momentum Venture Partners and Groundwork Equity.