Slow Ventures launches a new $145M fund and adds Scott Marlette as a partner

Slow Ventures — a previously small-ish fund founded by former Facebook employees — is raising a much larger fund as it looks to grow into something more like a traditional venture firm.

Founded by Kevin Colleran and Dave Morin — with former Facebooker Sam Lessin also recently joining — Slow Ventures has raised $145 million for its latest fund. While Slow will continue to focus on earlier-stage investments, but more than half of the fund will be devoted toward more follow-on investments, Colleran said in a blog post.

In addition to that, former early Facebooker Scott Marlette — most recently founder of GoodRx — is joining the firm as a partner. The firm has always had a close connection with early Facebook executives, with many taking off and starting their own companies and building a deep network within Silicon Valley. As a result, Slow Ventures has invested in many sought-after companies in tech, including Slack, Postmates, Giphy and June.

“Unlike many other venture capital firms, our unique group of Limited Partner investors is not only made up of notable university endowments and foundations, but also the personal capital from more than 100 technology founders, CEOs, executives, investors and sector experts,” Colleran said. “All of our LPs have signed up to play an active role in helping with the investing and company-building process. We call on them often to support and assist our founders.”

With the latest investment, Slow Ventures is now managing around $250 million in capital. As rounds become more competitive later on, it becomes increasingly important that firms are able maintain strong positions in their investments — hence the follow-ons. That goes beyond the regular assistance the firm is hoping to provide its companies with its ties to the rest of Silicon Valley through a deep bench of Facebook connections.

And as Colleran, Morin and company look to continue to get into increasingly competitive deals like the emerging Slacks and Giphys of the world, they — and Slow — are going to have to show they can add an extra layer of value beyond what other firms can.