Twelve Below, a New York based early stage venture capital firm, closed two funds, totalling $108m.
- an $80m second early stage fund, and
- a $28m opportunity fund.
The firm is backed by a range of LPs, from large university endowments, institutional fund of funds, and large family offices.
Founded in 2021 by Taylor Greene, formerly a Partner at Collaborative Fund and prior to that, a Partner at Lerer Hippeau. who was later joined by Byron Ling, who was previously a Partner at Canaan, and prior to that a Principal at Primary Venture Partners, the firm will continue to invest in seed and pre-seed investments focusing on fintech, healthcare, energy, SMB and consumer sectors. The opportunity fund allows the firm to double down on investments in existing portfolio companies.
Twelve Below aims to lead or co-lead pre-seed and seed financings with the goal of earning a 10% to 15% ownership stake in the core investments from the fund.
The portfolio includes a number of breakthrough companies, including Accrue Savings, Odyssey Energy, Croissant, Campus and Truehold. Over 60% of its portfolio has already raised follow on capital.
The firm’s total AUM across both funds now stands at $160m.