Quick take:
- Streamlined Ventures has announced a $140 million fundraising for two funds.
- The Solo GP raised $102 million from institutional investors and family offices for its fifth seed fund.
- Investors also pumped another $36 million into Ullas Naik’s third-opportunity fund.
Streamlined Ventures has beefed up its portfolio funds with an additional $140 million. The company’s total fundraisings now amount to $325 million.
In the latest capital raise, the solo general partnership (GP) received $102 million from institutional investors and family offices for its fifth seed fund. The venture capital firm also raised a further $36 million for its third opportunity fund.
The seed fund will continue to invest in startups focused on data science, AI, software automation, APIs and Web 2.5, while the opportunity fund targets seed-stage companies that have already received financing from prior seed funds.
Streamlined Ventures was founded by Ullas Naik in 2011, who runs it as a solo general partner. The firm has invested in companies like DoorDash, AppLovin, Forge, Rigetti and Rappi, with 16 of them reaching unicorn status, while 3 crossed the $10 billion valuation.
Capital from the latest seed funding has already been invested in fintech startup Ratio, byCore, fun.xyz, Haystacks.ai, Precog and FenixCommerce.
Although Naik plans to take things slow on investing in web3, his firm has already made significant investments in web3 companies focused on gaming and decentralised finance (DeFi).
In a response to a question regarding his take on web3 during an interview with TechCrunch’s Christine Hall, Naik said: “We’re doing this speculative phase on web3. We invested in a few web3 companies, but only in companies where we saw true value transfer, like in gaming or DeFi. The bar is kind of high around web3 and it’s an area where I’m sort of deploying dollars much slower.”
Web3 is described as a next-gen internet that leverages emerging technologies like artificial intelligence, decentralised applications, the blockchain and AR/VR to enable the creation of immersive experiential worlds and the development of community-owned projects.
Although web3 funding slowed down during the third quarter of 2022, the industry continues to witness significant interest from venture capital firms that want to take advantage of the bear market.
TechCrunch’s web3 startup funding tracker estimates that 16,554 companies have raised more than $89 billion since CrunchBase started tracking investments in web3.
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