New early-stage venture fund Icon launches with $100 mln
VC vets Charles Beeler and Jeff Hinck have announced this morning that their new venture firm Icon Venture Partners has launched with $100 million in committed capital to invest in early-stage enterprise tech companies. Beeler, who most recently was with El Dorado Ventures, told pehub that he and Hinck, who co-founded Vesbridge Partners, began raising the fund early last year. He said about 80% of the capital came from traditional LPs, such as endowments and foundations, while the remaining fund was raised from a group of 80 enterprise tech professionals worldwide, who each invested in the fund and have formed the Icon Technology Partners group. Beeler said the group of 80, which includes Larry Abramson, Marc Brown, Paul Denning and others, will serve in advisory roles and sit on company boards. Beeler said he expects the firm to make from 20 to 25 seed and Series A investments a year. Beeler will be based in Menlo Park, Calif., while Hinck is in Minnetonka, Minn.
