Spur, a fund of funds, targets $200M to guess on early-stage VC in a downturn – TechCrunch

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Spur Capital Companions, an investor in enterprise capital funds, is out to boost $200 million for its seventh core fund. So far, it has secured almost $74 million to guess on early-stage VCs, per a securities submitting.

Who or what’s Spur betting on, precisely? Through the years, the investor claims it has not directly backed dozens of high-flying tech and life science corporations on the early stage, together with hostelier Airbnb and weapons maker Anduril. However Spur didn’t reply when requested for the names of the VC corporations in its portfolio.

Spur has been elevating money for the fund for greater than a yr, and it’s already investing out of it, the Bartlesville, Oklahoma-based agency instructed TechCrunch. Thus far, at the least 40 unnamed buyers have chipped in on the seventh fund, in line with the submitting. Spur says its restricted companions embody pension plans and household places of work within the U.S. and Europe.

Spur has been round for roughly 20 years, however at $200 million, the agency’s seventh fund can be amongst its largest ever. The investor has greater than $1.2 billion in property underneath administration, in line with PitchBook.

Betting on VCs in a downturn

The economic system stinks and tech is aware of it. Reactionary startups are shedding staff, and even giants like Google are sending out fewer presents and wringing no matter they will out of their present workforces. With the best way issues are going, you would possibly assume enterprise capital is feeling the warmth, and to that time, VCs are chopping again on offers in some — however not all — instances. But, it’s not as a result of they’re out of cash.

In actuality, U.S. VCs have more money to spare than ever, however rising rates of interest, Russia’s invasion of Ukraine and different components have renewed cravings for profitability, at the least at later phases.

On the other finish, the pattern is driving extra funds of funds that again early-stage enterprise corporations. Even in perpetually unsure occasions, buyers nonetheless don’t wish to miss out on no matter the subsequent huge factor is perhaps.



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