Plexo Capital raises $42.5m

The American VC firm closes a dual direct investment and fund of funds vehicle.

Plexo Capital held a final close of Plexo Capital I with $42.5 million of committed capital. Details of the fund’s target level and launch date were not included in a statement released Tuesday announcing the closing.

The fund will invest globally in emerging venture capital fund managers and in early stage venture-backed companies with a focus on minority-led enterprises across both investment strategies.

Investors in the firm include Cisco Investments, The Ford Foundation, Google-parent Alphabet, the Hampton University Endowment, Intel Capital, Kapor Capital, and the Royal Bank of Canada., the firm said. Commitment sizes were not disclosed.

Plexo was launched within Alphabet’s venture platform, GV, and became independent in early 2018.