Moderne Ventures, a VC and growth equity firm with vertical specialties spanning real estate, finance, insurance and sustainability today announced it has raised over $230 million for MV Core Fund III, exceeding the oversubscribed $200 million MV Core Fund II.
This brings the firm’s total assets under management to more than $500 million. Some notable institutional investors include GCM Grosvenor, the Illinois Growth and Innovation Fund, and some of the world’s largest strategic partners like AvalonBay, Essent, and Leading Real Estate Companies of the World.
Headed by seasoned investors Founder and Managing Partner Constance Freedman and Partner Liza Benson, Moderne has made 35+ investments and backed over 150 Passport companies across three funds, generating top-tier venture returns in each.
Before founding Moderne in 2015, Freedman launched and managed Second Century Ventures in partnership with the National Association of Realtors, where she led early investments and was a board member of companies like DocuSign, Updater, and August (sold to Assa Abloy). In 2015, Freedman launched Moderne Ventures – its early exits include Porch, Homesnap, and TaskEasy, and other notable investments across funds include ICON, Caribou, Proof, Measurabl, Xeal and Qloo.
Moderne’s industry immersion program, the Moderne Passport, helps companies refine and execute vertical market strategies and connects them to the Moderne Network, a curated group of 1,500+ executives and corporate partners. The Moderne Passport is a one-of-its-kind program that accepts less than 1% of companies that apply and provides invaluable growth opportunities for companies.
Moderne is also a sector specialist but generalist investor. And Moderne invests in companies that are generally outside of its sectors and provides the deep vertical expertise and industry connections to open up its verticals which make up about 20% of the US GDP.
Moderne is a woman-owned firm with one of the most diverse teams in the asset management industry. Seventy percent of the firm is comprised of women and minorities.
Moderne’s Core Funds invest in technology companies with revenue between $2 million and $20 million. Along with its Core Funds, Moderne is also expected to raise its first Growth Fund this year, enabling the firm to double down on its highest growth portfolio companies across funds and bring additional high-performing later-stage companies onto its platform.
KEY QUOTES:
“Moderne’s unique platform de-risks venture, an inherently risky asset class, while producing top tier returns. Moderne’s venture platform, immersion program and massive corporate network consistently generate synergistic value for our portfolio companies and industry partners which leads to top tier returns for our investors. MV Core Fund III is an expansion of our existing strategy where we apply decades of vertical specialization experience to curate customers for our companies and advance entire industries, producing outsized returns for our investors.”
-Liza Benson
“On behalf of our clients, we are thrilled to participate in Moderne’s Core Fund III, given the firm’s impeccable track record, robust value-add strategy, and strong team. We value the opportunity to back a differentiated manager who brings customers to portfolio companies.”
-GCM Grosvenor’s Vice Chairman Derek Jones
