US-based venture capital firm Seven Peaks Ventures closed its second fund yesterday with $28m in commitments from limited partners including OSU Foundation, the endowment manager of Oregon State University.
Seven Peaks Ventures II also secured the backing of the state of Oregon, as well as additional, unnamed institutions, family offices and returning investors from the first fund.
The firm focuses on early-stage startups based in the Pacific Northwest and the western US, with a particular focus on data and artificial intelligence, fintech, human resources technology, digital health, identity protection and security, and cloud infrastructure.
The second fund has made seven investments through its second fund to date, including Owl City, a platform that measures, tracks and helps improve behavioural health progress and emerged out of University of Washington’s Department of Psychology.
The portfolio also includes kidney care provider Cricket Health, which closed a $24m series A round earlier this week, identity theft protection company Trusona, esports advertising service Matcherino marketing platform Metricstory, three-dimensional design tool Torch 3D and information automation platform ZapInfo.
Seven Peaks has announced an adviser and corporate resources platform in conjunction with the closing of its fund. The platform will assist startups in growing and scaling their business.
Dino Vendetti, founder and managing director of Seven Peaks, said: “Seven Peaks Ventures launched in 2013 to address the capital and business-building expertise gap that existed in the Northwest’s early-stage market, particularly in Oregon.
“Over the past five years, we have worked hard to claim a spot for Oregon on the map as a viable hub for capital and a great place to start a business.
“In that time, we have expanded our team, advisers and events portfolio to provide the highest level of coaching and support to entrepreneurs in the Northwest and beyond in other dynamic western US markets.”