NextView Ventures, a Boston-based venture capital fund, has raised an $89.6 million fund, according to SEC filings. The firm’s fourth fund, its largest to date, is oversubscribed, with early documents indicating a $70 million goal. The NextView Ventures team did not immediately respond to request for comment.
NextView Ventures was launched in 2010 by Rob Go, a former partner at Spark Capital; Dave Beisel, who clocked time at Venrock and Masthead Venture Partners; and Lee Hower, a former investor at Point Judith Capital. Melody Koh joined as a partner three years ago, and most recently, the fund brought on former journalist Leah Fessler as an investor.
The fund, which has offices in New York as well as Boston, invests in consumer and software-as-a-service enterprise startups at the pre-seed and seed stage. Its portfolio includes Ellevest, an investing platform for women; Grove Collaborative, a sustainable goods subscription platform; and ThredUp, which has confidentially filed for IPO. In April, NextView launched a virtual accelerator for startups to build a more robust pipeline for deal flow. The firm invested $200,000 for an 8% equity stake in a number of pre-seed and seed startups focused on “the everyday economy.”
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Despite the pandemic, Boston’s startup scene has continued to attract record numbers in venture capital volume. In fact, according to PitchBook data, Boston-area startups raised more private capital during summer 2020 than they did in summer 2019, suggesting that the pandemic has been a boon to startups in aggregate.
More recently, my colleague Alex Wilhelm and I wrote about how the Boston area is growing its demographic footprint in venture capital. In Q3 2019, New England drove 9.3% of U.S. venture deals, and 10.3% of U.S. venture dollars. In Q3 2020, those numbers were 9.3% of U.S. venture deals, and 12.7% of U.S. venture dollars. The percentage change is notable, especially amid volatile times.
NextView’s new fund is yet another signal of the city’s ability to attract institutional investment. Its previous fund was raised in 2017 at a $50 million close.