Though the firm typically invests at the seed and Series A, capital from Upfront Growth III will be used for follow-on or late-stage deals.
The firm, known for its investments in Bird, Goat, Ring, ThredUP and Parachute, plans to raise $250 million for the effort. Mark Suster and Yves Sisteron, listed on the filing, lead the firm as managing partners. Upfront’s investor line-up also includes partners Kobie Fuller, Greg Bettinelli, Kara Nortman and Kevin Zhang.
One of the oldest VCs rooted in LA, Upfront previously closed on $400 million for its sixth flagship early-stage fund in 2017.
LA is on pace for a banner year of VC investment, attracting $33 billion across more than 1,000 deals already in 2019, according to PitchBook. Last year, companies headquartered in LA raised more than $60 billion.