Cowboy Ventures, the early-stage investment firm led by Aileen Lee, is in the midst of raising its second fund. According to an SEC filing, the firm is seeking to raise $55 million — which is up from the $40 million it sought the first time around.
Lee founded Cowboy Ventures along with partner Noah Lichtenstein after spending the previous 13 with Kleiner Perkins Caufield & Byers. The two parted amicably, and Kleiner Perkins even served as an investor for Cowboy Ventures’ first fund, which they raised in the Spring of 2012 to focus specifically on early-stage startups.
Since then, Cowboy Ventures has invested in a number of seed-stage deals in both the consumer and enterprise space. In consumer, it’s got companies like Dollar Shave Club, August, StyleSeat, Brit + Co., Rise, and Product Hunt in its portfolio. Then there are more B2B-type companies like Librato, NuOrder, and DocSend.
It’s generally too early to tell how those bets will ultimately play out, although a few of those companies have already moved on to successfully raise Series A rounds.
Lee declined to comment for this story, but after two-and-a-half years, she and Lichtenstein are apparently now ready to raise a new fund. While the SEC filing shows they are seeking slightly more capital to work with for Cowboy Ventures Fund II, at $55 million, the amount is consistent with the same type of early-stage investments.