With a stated mission to “back the underdogs that traditional VC has overlooked,” early-stage investor Early Light Ventures has secured at least $10.6 million toward its next fund, TechCrunch has learned.
Based in Baltimore, Early Light is still somewhat new to VC land with about four years and four exits under its belt, per Crunchbase. It largely funds startups that sell software to other businesses, like concert ticketer Seated, influencer marketing company ProductWind and telemedicine startup Citus Health.
According to a regulatory filing with the SEC, Early Light has set a target of $15 million for its second core fund, which would make it around the same size of the firm’s debut, $16.5 million fund.
“We believe in a future of meritocratic entrepreneurship where anyone with the passion can become a founder,” Early Light’s site reads. Crucially, this is not how the venture business works today. Venture-backed companies secured almost $43 billion in the third quarter of 2022, of which Black founders raised around 0.43%. In the U.S., venture funding secured by all-women founding teams this year was on track to slip back below 2%, as of October.
Other startups backed by Early Light include video advertising company Konduit and employee-training software-maker GoCoach. The investor says on its site that it has around $37 million in assets under its management today, including syndicate deals.