Xfund – the early-stage firm launched by a clutch of the biggest venture capital firms in the US – has sealed a successful $120m fund close for its third flagship investment vehicle.
The firm was founded in 2011 as a first-of-its-kind partnership between VC firms NEA, Breyer Capital, Accel Partners and Polaris Partners alongside Harvard University.
Xfund had been targeting $100m for Fund III – an identical amount to the total it raised for its sophomore vehicle in 2014.
The firm says it “looks beyond the stereotypical technical pedigrees to seek out extraordinary people who are often systemically ignored by traditional venture capital” – namely founders who have pursued liberal arts degrees.
A statement from Xfund partners Patrick Chung and Brandon Farwell said, “Some of the most consequential technology companies today were founded by people without a narrow technical background.
“People with liberal arts backgrounds — some of the world’s best problem solvers — are often lulled into default prescribed paths in established industries.
“When Xfund intersects with their lives, we try to broaden their thinking beyond the expected, accepted alternatives and focus instead on the type of calling they want to have.
“By offering credible alternatives to default paths, we help to create unconventional, high potential entrepreneurs who can create a more social, intellectual, and financial impact on the world.”
Harry Lewis, Xfund’s senior faculty advisor and former Dean of Harvard College, added, “Xfund is a first-of-its-kind collaboration and has evolved into a remarkable resource and community for Harvard and its students.
“Xfund has helped countless groups here take the plunge into entrepreneurial endeavors; the first few results have been wildly successful for everyone involved. My colleagues and I are thrilled with the partnership.”
Source: Alt Assets
