Canvas Ventures’ $300 mn fund to invest in software startups

partners-at-canvas-venturesCanvas Ventures, a Silicon Valley-based venture capital firm, said its new $300 million fund called Canvas Ventures 2 will make investment in software and services start-ups.

The firm’s previous fund was capitalized at $175 million in August 2013.

Software & services startups will be the main focus areas of Canvas Ventures 2. The VC fund will make investment primarily Series A and B rounds.

Canvas Ventures 2 will make investment of $5-20 million per company over the life of the company. Canvas’s initial investment into a company could range from $250,000 to $10 million.

The focus of Canvas Ventures 2 will be on startups in the US, with a concentration on Silicon Valley

Artificial intelligence, network marketplaces, financial tech, digital health, and new enterprise will be some of the focus areas.

Canvas Ventures 2 was closed in June 2016. The firm listed $250 million as its target fundraising amount on their PPM (private placement memorandum). The fund was oversubscribed, closing at its hard cap of $300 million.

Rebecca Lynn, Gary Little, Paul Hsiao and Ben Narasin are the four investing partners for the new fund.

Gary Little appeared on the annual Forbes Midas List of top-100 venture investors in 2008 and 2009, and Rebecca Lynnappeared on the Forbes Midas List in 2015 and 2016. Rebecca was also named a Top-20 VC by the New York Times in March 2016.

Over the course of their venture-capital careers, which include serving as partners at New Enterprise Associates (NEA) and Morgenthaler Ventures, the four partners made early-stage investments in Lending Club (largest US tech IPO of 2014), Dropcam (acquired by Google), TellApart (acquired by Twitter), Check (acquired by Intuit), Gaikai (acquired by Sony), MuleSoft, Houzz, Doximity, Evernote, Upwork (formerly Elance-oDesk), Zenefits, Kabbage, and more.

Their publicly announced investments while serving as partners at Canvas Ventures include: FutureAdvisor (acquired by BlackRock), CrowdFlower, Eden, Everwise, HealthLoop, Totango, Transfix, Viewics, and Zola.

Image: Partners at Canvas Ventures (L to R): Rebecca Lynn, Paul Hsiao, Gary Little, and Ben Narasin (sitting). Photo Credit: Mark Leet

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