Lux Capital, identified for investing in life science and frontier tech startups, is again out there to fundraise for its newest car — however this time with no devoted late-stage entity.
The agency is concentrating on over $1 billion for Lux Ventures VIII, in keeping with assembly supplies from the New Mexico State Funding Council (NM SIC) for March 28, which dedicated $62.5 million to the fund. The fund will mix the agency’s early and late-stage investing methods into one pool.
The agency was based in 2000 and has raised $4 billion throughout 9 earlier funds. Lux declined to touch upon its fundraising efforts.
The fund will nonetheless spend money on later-stage alternatives, however the agency’s founder and managing accomplice, Josh Wolfe, instructed the NM SIC that the fund will primarily make investments on the early stage and can proceed the agency’s thesis of investing on the intersection of sciences and tech.
The agency most just lately raised a pair of funds in June 2021 that totaled almost $1.5 billion. This included $675 million for early-stage targeted Lux Ventures VII, and $800 million for Lux Whole Alternatives Fund, a late-stage fund.
Lux is the newest agency with early-stage roots to ditch a devoted late-stage fund provided that the late-stage and exit environments have remained muted over the previous yr. Final month, Y Combinator stated it could shut down its continuity fund, pulling again from late-stage investing and letting go of 20% of its group in a single transfer.
A number of corporations, together with Founders Fund and Vibe Capital, have both shrunk the dimensions of their funds or given traders a few of their capital again because of the softening market.
As 2023 rolls on, we anticipate to see extra funds retreat to their conventional investing stage.
