Tamarack Global, an early stage deep-tech venture capital fund, announced the closing of $72 million for its Opportunities II fund, which closed earlier this summer. And the Opportunities II fund is more than twice the size of its flagship fund, bringing the firm’s total AUM to over $211 million. The Opportunities II fund features of global investors who are seeking long-term investments in transformative companies.
The firm’s momentum has only accelerated with follow-on initial investments made in the first fund into Opportunities II, which already deployed capital in notable companies such as Figure AI, Impulse Space, CHAOS Industries, Rainmaker Technology Corp., Rilian Technologies, Terminal, Blue Energy, Fuse Energy, and Earth AI.
Tamarack’s Opportunities I fund, which formed in 2019, raised $31.3 million and invested an additional $55 million along with the fund via co-investments. And Fund I invested in a portfolio of early seed and Series A companies, adding in break-out follow-on rounds in companies across the energy transition, defense-tech, the space economy, robotics and automation, AI, etc. Fund II will follow a similar strategy.
Tamarack Global’s focus on advancing the manufacturing industry through innovations played an instrumental role in launching the New American Industrial Alliance (NAIA) during the summer of 2024 at the Reindustrilize Summit held in Detroit. And the company’s General Partner, Austin Bishop, who is also co-founder of Atomic Industries, wanted to capitalize on innovation happening in AI, robotics, materials, and software and believed that investors were looking to make meaningful investments in these opportunities. NAIA is laser focused on one goal—making industrial activities the powerhouse of the American economy once again through innovation and smart policy.
KEY QUOTES:
“We believed that the greatest compounding effect that we can have has been helping others to succeed.”
“Since our inception, we believed that the greatest compounding effect that we can have has been helping others to succeed. Our Opportunities I fund was launched with the aim of identifying visionary founders who were focused on building generational companies, while going after the largest end-markets in the world. We are delighted to close on Opportunities II, which will invest in solutions that solve the most pressing problems we face as a society today.”
– John McCormick, founder and managing partner at Tamarack Global
“Short-term volatility should not create drastic shifts in investment strategy, and instead can open new markets and foster innovation. As technological shifts continue to accelerate with rapid advancements in AI & ML—and the subsequent collapse of cost-curves within digital and physical industries—we remain steadfast in our focus on atoms & bits and founders who are driving change in their respective industries. We believe this will lead to some of the biggest opportunities on (and off) Earth and will continue to represent a massive opportunity for us and our investors.”
– Jamie Lee, managing partner at Tamarack Global
“Tamarack Global is one of a handful of under the radar funds that are truly backing deep tech and highly ambitious founders out to change the world.”
– Technology entrepreneur and founder/CEO of Figure, Brett Adcock
“NAIA is rapidly building a significant coalition across companies, institutional investors, and government officials to accelerate rebuilding U.S. industry, and to reduce reliance on at-risk global supply chains. This is very mission-aligned with the types of companies we invest in at Tamarack Global.”
– General Partner Austin Bishop, who is also co-founder of Atomic Industries
