NextView Ventures’ new $200 million fund comes with a slice of San Francisco • TechCrunch

Adding a partner is no joke. Well, at least if you want it right away.

NextView Ventures announced today that it has raised a $200 million venture fund, its largest to date, divided into a $135 million early-stage vehicle and a $65 million opportunity vehicle. split dollars. The fund also raises Stephanie Palmeria founding partner of All Raise and former partner at Uncork, as an equal partner.

“Joining an equal partnership sends a very strong signal to the market how you value the people you work with,” said Palmeri, who is Board Observer at Poshmark. “We don’t talk about it often at Venture, but I think it says a lot about what the fund values ​​when you realize that the partners are equals.” Palmeri declined to comment on whether she has an equal partner was at her previous company.

In a venture scene where “partner” has become a rather vague job title – one that doesn’t always involve decision-making powers – clarity around the track is helpful. In this case, Palmeri has the same share of carry in the fund as the firm’s other partners, Lee Hower and Melody Koh, including its co-founders Rob Go and David Beisel. Palmeri is NextView’s second female partner since the company launched its seed fund over a decade ago.

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During an interview with TechCrunch, walk described how most VC firms have partnerships that take newer partners years to build credibility and own an equal share of the economy; NextView operates in a way that he believes causes “less political infighting”.

The founding partner said that the firm prefers the teamwork approach rather than being a “federation of lone fighters”, adding that they are very keen to have “a harmonious, non-dramatic and well-functioning partnership”.

But internal dynamics aside, NextView’s Go views Palmeri’s hiring as an opportunity to expand into the Bay Area and expand its remit beyond Boston and New York. In recent years, 40% of investments have been in New York, while about a quarter of investments have been in California. With Palmeri in San Francisco, the company hopes to gain better access to clients and follow-on capital for its portfolio company.

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“If you turn the clock way back, people thought we were crazy in 2011 for starting a seed fund outside of Silicon Valley,” Go said. Post-COVID, however, the partnership decided it was time to close the “gaping hole” of NextView’s Bay Area footprint.

The company boasts that, with Palmeri, it is now one of the few bi-coastal seed companies in the country. It’s a similar strategy to that of Andreessen Horowitz, a multi-tiered firm that closed a $400 million seed fund last year. The company, often abbreviated as a16z, recently announced that it no longer has a physical headquarters, but is establishing outposts in Miami Beach, New York and Santa Monica in addition to its existing offices in Menlo Park and San Francisco. NextView now has offices in San Francisco, New York and Boston, but also invests in Austin, Seattle, Miami, Chicago, DC, Atlanta and North Carolina.

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Palmeri described how the physical headquarters in San Francisco will help the company support distributed, remote-first startups that may need to cross major US markets; “These ideas come from everywhere…[but] for those who follow dollars, they will get through these markets when they think of raising their Series A.”

NextView might find that its geographic positioning will help it stand out in an increasingly competitive landscape. The company has invested in more than 173 startups since its inception.

The company says 62% of its latest fund, a $100 million investment vehicle, went to minority co-founders and women. From his latest fund, two of the five portfolio companies are being built by minority and underrepresented founders.


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