Sovereign’s Capital (a diversified alternative asset manager dedicated to excellence in faith-driven investing) has closed its largest venture capital fund to date, Venture Capital Fund IV, LP, with over $60 million in committed capital.
The fund’s investors include existing limited partners and new institutional investors, making it the firm’s largest pool of capital dedicated to early-stage technology startups.
As of June 2024, Sovereign’s Capital managed more than $780 million in assets across five asset classes: VC, PE, public equities, fund of funds, and real estate.
Sovereign’s Venture Capital Fund IV invests in Seed and Series A stage technology companies – led by faith-driven entrepreneurs across the U.S. and Southeast Asia. And these founders seek to deliver strong financial returns while simultaneously loving their neighbor through their products and internal company cultures. Plus, the firm believes that scaled technology companies are uniquely positioned to provide excellent financial returns and contribute to human flourishing.
The venture team’s six investment professionals have deep venture capital and operating expertise, and are supported by a global team of 30+ professionals at the firm. And the venture team invests up to $4 million per investment into sectors where they have operational experience: B2B and B2C software, fintech, healthtech, deep tech, and tech-enabled services. The team thoughtfully engages with portfolio companies to provide strategic and operational partnership.
The fund made nine investments out of an anticipated portfolio of approximately thirty-five companies, including:
— Fakespot (bought by Mozilla) – AI systems that detect fraudulent patterns in online reviews to bring trust and transparency to e-commerce.
— Fringe – personalized employee benefits and wellbeing platform tailored to individuals’ life stages and lifestyles.
— Preveta – AI care navigation platform that empowers oncology and specialty clinics to uncover patients who are falling through the cracks and take action.
— Komunal – a banking platform that accelerates financial inclusion through digitizing rural banks, combining funding access and hyperlocal lending.
— Relay – cloud-based communications platform designed to improve productivity and safety for frontline teams.
— Kinship – online communities for open, judgment-free conversations about life’s biggest questions.
— Passage Health – software solutions that improve the quality and accessibility of care available to autistic individuals.
— BrightPlan – digital financial wellness solution that makes it easy for business leaders to enhance the employee experience, improve productivity, and drive impact.
— Bricklayer AI – autonomous cybersecurity platform where teams of artificial intelligence specialists collaborate with their human peers to create more efficient security operations.
KEY QUOTE:
“We are grateful to announce the successful final close of Venture Fund IV, especially in the midst of one of the toughest venture fundraising environments in decades. The fund’s early portfolio of nine companies is built on the incredible work and leadership of our mission-driven founders, which was made possible only through the partnership of our nearly one hundred limited partners. Our team could not be more excited for the years ahead.”
– Jake Thomsen, Managing Partner of Venture Capital at Sovereign’s Capital
