- New York-based seed-stage venture firm Equal Ventures announced it has launched a new $56 million fund
New York-based seed-stage venture firm Equal Ventures announced it has launched a new $56 million fund, according to TechCrunch. Founded by Richard Kerby and Rick Zullo, Equal Ventures has a goal of investing in founders who are building technological innovations to existing markets that will transform industries like insurance, supply chain, retail, and healthcare.
“We’re not focused on technology development, such as internet infrastructure, but more on the deployment of technology,” said Zullo via TechCrunch. “Our core focus is to bring the knowledge and networks necessary to help founders solving problems in these complex and nuanced industries in their push to attract capital and bring products to market.”
Kerby and Zullo have experience working at other venture capital firms like IVP, Foundation Capital, Bowery Capital, and Lightview Capital. And they oversaw exits like FleetMatics (acquired by Verizon) and Vettery (acquired by Adecco). Kerby is also known for launching Stealth Mode, which is a community focused on African Americans in the tech sector.
And Kerby and Zullo are sourcing the deals with a data-driven approach by researching and analyzing the dynamics of the markets where they are investing. Along with Kerby and Zullo, Ali Afridi works as an investor at Equal Ventures. And the team a goal of identifying potential solutions to the market before it is obvious.
Some of the LPs, include Walker & Co. founder Tristan Walker and Y Combinator CEO Michael Seibel. The other LPs also include the founders of RigUp, traditional institutional LPs, university endowments, general partners of other VC firms, and several Fortune 500 executives.
“Our LPs are a combination of industry operators, providers of investment capital and top-tier founders, which we believe is exciting alchemy for future success,” commented Zullo via TechCrunch.
The first close of the fund was in April and Equal invested in about 6 portfolio companies since then. The portfolio companies include Leap, Block, WatchTower, and Gerry. And Equal has a goal of investing in 20 companies with an average initial check of about $1.5 million for a significant ownership stake.