4490 Ventures, a US-based venture capital firm co-founded by Wisconsin Alumni Research Foundation (Warf), has raised $49m for its second fund, according to a regulatory filing.
The amount represents a first tranche, managing director Greg Robinson told news publication Xconomy. The final close is expected later this year, though Robinson declined to reveal a target size or name any investors.
4490 Ventures was launched in 2013 with a $15m commitment each from Warf, the tech transfer organisation for University of Wisconsin – Madison, and the State of Wisconsin Investment Board, which handles assets such as the Wisconsin Retirement System.
The firm typically invests between $5m and $10m per portfolio company, focusing on series A and B-stage software developers. 4490 usually acts as a lead investor and will take a board seat.
Recent investments include Level Ex, a US-based advanced surgery simulation developer that raised $11m in series A funding in October 2017.
