Bill Maris, the former chief executive of Alphabet’s venture arm, GV, has closed on $150 million in commitments for his own, San Diego-based venture firm.
The outfit, Section 32, was expected to raise closer to $100 million, according to an earlier Bloomberg report; because there was “strong interest,” it will instead close on $150 million, Maris tells us.
Maris, who has lived in San Diego for many years, calls Section 32’s debut effort a “general purpose VC fund without a sector focus.” Asked if he might emphasize healthcare and biotech, as previously reported, Maris says that “certainly healthcare and biotech are areas that I care a lot about, but I’m interested in technologies in every field. In fact,” he adds, “biotech and healthcare have gotten to be a bit too trendy of a space lately, and I am leaning back a bit while that trend plays out.
Maris isn’t commenting on Section 32’s investor base or whether GV or Alphabet is backing the effort. He also isn’t talking yet publicly about the startups he has backed with his new fund, saying he’ll announce his investments at some point down the road.
Asked what he hopes to accomplish with the new fund over the next 12 months, as well as what he sees as the biggest overlooked opportunity right now, Maris is equally circumspect.
“This is the start of a journey, and I have no idea where it leads. . . On the question of overlooked opportunities, I’m looking in a number of non-traditional areas, but won’t comment further on what they are at this time.”