- According to an SEC filing, Next Ventures LP has raised $24.5 million out of a planned $75 million fund
Next Ventures LP has raised $24.5 million out of a $75 million fund, according to a Form D filing with the U.S. Next Ventures was founded by general partners Lance Armstrong and Lionel F. Conacher. Armstrong is a former professional road racing cyclist. And Conacher is a former running back in the Canadian Football League and the son of Canadian politician and athlete Lionel “The Big Train” Conacher.
According to Crunchbase, Next Ventures’ first investment was in a company called PowerDot as part of a seed round. PowerDot is an app-based smart muscle stimulation device that provides wellness, recovery, and performance enhancement features.
This is not the first time that Armstrong made an investment in a tech company. Back in 2009, Armstrong made a $100,000 investment in Lowercase Capital (Chris Sacca). And Sacca put a majority of that investment in Uber. Armstrong said that the investment “saved” his family following the doping case that resulted in a $5 million settlement on fraud charges. According to Bloomberg, the $100,000 investment in Uber made him $20 million.
According to the filing, 38 unnamed investors have put money into the Next Ventures fund. Next Ventures will focus on early-stage investments in companies that have a product or service in the market and is generating revenue.
Typically, Next Ventures will invest $1 million to $3 million into companies. Next Ventures has also invested in Oura, Spar, Scorched Ice, and Amp Human.
Trending on Pulse 2.0
- How Huda Kattan Built A Beauty Brand Worth More Than $1 Billion
- Detroit-Based Huron Capital Names Anthony Pulice As Partner
- Report: Getaround Is Raising Over $200 Million At More Than A $1 Billion Valuation
- GM Names Deborah Wahl As Chief Of Global Marketing
- Farm Management Platform Company Fieldin Raises $12 Million