HomeUSAFuse Closes $250M Fund to Invest in Pacific NorthWest Startups

Fuse Closes $250M Fund to Invest in Pacific NorthWest Startups

Cameron Borumand (General Partner), Kellan Carter (General Partner), Brendan Wales (General Partner)

Fuse, a Bellevue, WA-based early-stage venture capital firm focused on the Pacific Northwest, closed its $250M sophomore fund.

The fund, backed by many high-profile Seattle-based software executives as well as many state-affiliated funds, foundations, and universities, invests in emerging software and AI-enabled startups.

Founded in 2020 Kellan Carter, Cameron Borumand, and Brendan Wales, Fuse is focused on investing in startups located in Seattle and the broader Pacific Northwest, including western Canada.

With the new fund and capital, the firm will continue investing in the next generation of B2B technology entrepreneurs leading Seed and Series A rounds with check sizes ranging from $1M to $10M. So far, the firm has invested in 31 startups to date ranging from vertical software to machine learning applications including Zuper, which helps businesses automate their field services workflows, and WellSaid Labs, the enterprise choice for AI created voice.

Fuse raised $170M for its inaugural fund and now has over $420M in committed capital.

The firm’s founding team also includes Operating Partners John Connors, the former Microsoft CFO and long-time Ignition Partners Managing Partner, Satbir Khanuja, an early Amazon Executive and founder of DataSphere, and Bobby Wagner, the eight-time pro-bowl linebacker for the Seattle Seahawks.

Commenting on the announcement, Cameron Borumand said:

We are elated to be launching our oversubscribed second fund and thankful for the continued support from our Limited Partners and founders we get to partner with.

We are fortunate to have some of the most notable names in the PNW as LPs which creates a unique ecosystem for our portfolio companies to garner expertise, customers, and potential future M&A opportunities.

Among others, LPs include Eric Sprunk, former Chief Operating Officer of Nike and current Board Director at Seattle-based Nordstrom and Providence Health, Chris Weber, former Microsoft Corporate Vice President, and current CRO at Gitlab, and over one hundred tech operators.

VCWire

26/09/2023