After making investments in 57 startups together, Superhuman CEO Rahul Vohra and Eventjoy founder Todd Goldberg are back at it with a new $24 million fund and big ambitions amid a venture capital renaissance with fast-moving deals aplenty.
“Todd and Rahul’s Angel Fund” announced their first $7.3 million fund just weeks before the pandemic hit stateside last year and they were soon left with more access to deals than they had funding to support; they went on to raise $3.5 million in a rolling fund designed around making investments in later-stage deals beyond seed and Series A rounds.
“We closed right before COVID hit and we had one plan, but then everything accelerated,” Goldberg tells TechCrunch. “A lot of our companies started raising additional rounds.”
With their latest raise, Vohra and Goldberg are looking to maintain their wide outlook with a single fund, saying they plan to invest three-quarters of the fund in early-stage deals while saving a quarter of the $24 million for later-stage opportunities. Still, the duo know they likely could’ve chosen to raise more.
“A lot of our peers were scaling up into much larger funds,” Vohra says. “For us, we wanted to stay small and collaborative.”
Some of the firm’s investments from their first fund include NBA Top Shot creator Dapper Labs, open source Firebase alternative Supabase, D2C liquor brand Haus, alternative asset platform Alt, biowearable maker Levels and location analytics startup Placer. Their biggest hit was an early investment in audio chat app Clubhouse before Andreessen Horowitz led its buzzy seed round at a $100 million valuation. Clubhouse most recently raised at $4 billion.
The pair say they’ve learned a ton through the past year of navigating increasingly competitive rounds and that fighting for those deals has helped the duo hone how they market themselves to founders.
“You never want to be a passive check,” Goldberg says. “We do three things: we help companies find product/market fit, we help them super-charge distribution… and we help them find the best investors.”
A big part of the firm’s appeal to founders has been the “operator” status of its founders. Goldberg’s startup Eventjoy was acquired by Ticketmaster and Vohra’s Rapportive was bought by LinkedIn while his current startup Superhuman has maintained buzz for its premium email service and has raised $33 million from investors, including Andreessen Horowitz and First Round Capital.
Their new fund has an unusual LP base that’s made up of more than 110 entrepreneurs and investors, including 40 founders that Vohra and Goldberg have previously backed themselves. Backers of their second fund include Plaid’s William Hockey, Behance’s Scott Belsky, Haus’s Helena Price Hambrecht, Lattice’s Jack Altman and Loom’s Shahed Khan.