Fundraising

Ulu Ventures nears $50 mln target

Palo Alto, California-based Ulu Ventures has raised $41.075 million toward a $50 million target for its second fund, according to a regulatory filing. The firm has raised commitments from 58 investors, the filing shows. The firm is led by husband-and-wife Managing Directors Miriam Rivera and Clint Korver.

Draper Esprit's Simon Cook explains why the firm outgrew the LP model

Engineering Capital collects $47.5 mln for sophomore fund

Engineering Capital has raised $47.5 million for its second fund, according to an SEC filing. In February 2015, the Palo Alto, California-based venture firm launched its debut fund at $32 million.

Aster amasses 240 mln euros for venture fund

Aster has raised 240 million euros in the first close of its venture fund. The pool will focus on investments in Europe and the U.S.

Element AI helps launch $45 mln Korean AI innovation fund

Montréal artificial intelligence solutions company Element AI has helped launch a new US$45 million fund to invest in emerging AI technologies in Korea and around the world. The fund, backed by Korea's SK Telecom Co Ltd, Hyundai Motor Co and Hanwha Group, will target the most promising sectors of commercial AI applications and infrastructure, including autonomous vehicles, household robots, manufacturing, drones and hardware. It will be managed by the three Korean companies and advised by Element AI. In June, Element AI raised $137.5 million in a Series A round to create and incubate AI solutions in partnership with corporations and research institutions.

Sapphire to raise $100 mln sports tech fund

Sapphire Ventures is raising a $100 million sports tech fund, according to a filing with the SEC.

BDC adds to Women in Tech fund, brings total to $70 mln

BDC Capital has added $20 million to its Women in Tech investment program, which now has $70 million to invest in Canadian women-led technology companies over five years. Of the total, $60 million will be invested directly in seed, Series A and Series B financings of companies, while $10 million will go to funds, such as StandUp Ventures Fund I, and related regional initiatives. Since last November, BDC has committed $3 million to nine women-led companies, including team performance platform Nudge Rewards Inc, which this week announced the close of its $5 million Series A round.

TechU targets $25 mln for venture fund

TechU Ventures is raising a $25 million first fund, according to a regulatory filing. The firm is managed by Natanel Barookhian, founder of TechU Angels, and based in Great Neck, New York. The filing lists no investors.

Arrowroot wraps up third fund at over $177 mln

Santa Monica, California-based Arrowroot Capital Management, a growth equity firm, has closed its oversubscribed third fund at over $177 million. Arrowroot Capital III's limited partners include endowments, foundations, consultants, pensions and alternative asset managers. The fund will focus on providing growth capital for software companies in the lower-middle market. Probitas Partners served as placement agent for the fund while Kirkland & Ellis LLP provided legal counsel.

Battery, DFJ, GGV at the front of newly minted venture portfolio