- Austin, Texas-based venture capital firm Trust Ventures announced it raised $70 million for the first close of a targeted $100 million fund
Austin, Texas-based venture capital firm Trust Ventures has raised $70 million for the first close of a targeted $100 million fund, according to Crunchbase News. Trust Ventures is backed by Koch Industries Chairman and CEO Charles Koch — who is the 11th richest person in the world with a net worth of $50.5 billion.
Launched in January 2018 by Salen Churi and Brian Tochman, Trust Ventures is focused on investing in startups that “will greatly improve society but face significant public policy barriers that stifle growth.” And Trust Ventures actively works on reducing regulations that are considered outdated or “protect established corporate interests.” Some examples include startups that impact areas such as affordable housing, healthcare, and zero-emission energy.
“We look for companies that have tremendous potential for societal impact, and are in a position to get products and services to people who need them the most, but need help navigating through a complex maze of policy challenges,” said Churi via Crunchbase News. “We are not looking for ‘nice to haves,’ but ‘need to haves,’ or companies that can touch hundreds of millions, or billions, of lives.”
Trust Ventures had closed its first fund of $35 million in June 2018. And so far, it wrote about 70% of its “first checks” from that fund. The other 30% is expected to be deployed before the end of the year. Another 50% of the first fund was allocated for follow-on investments in portfolio companies.
This same strategy will be applied for the second fund where the first half will be for “first checks” and the other half will be for follow-on investments. The average first check size of the second fund is going to be about $3 million and $4 million for 12-15 companies. Some of Trust Ventures’ portfolio companies include Oklo, ICON, and Emergy Food.
The Trust Ventures team also includes Venture and Regulatory Associate Richard Deulofeut-Manzur and Executive Assistant Sarah White.
