Princeton and Spelman College are among the investors in 645 Ventures' $40m fund, targeting segments such as online marketplaces and digitally-native consumer brands.
The endowments of Princeton University and Spelman College yesterday became limited partners in the $40m second fund of software and internet-focused venture capital firm 645 Ventures.
645 Ventures II has also been backed by family office Andrew W. Mellon Foundation, investment firm Klingenstein Fields Wealth Advisors and private investors including Albert Wenger, Howard Morgan, Ken Chenault and Mellody Hobson.
Founded in 2014, 645 Ventures mainly backs seed and series A-stage software and internet companies. The latest fund will target software-as-a-service, infrastructure software, online marketplaces and digitally-native consumer brands.
The firm uses a bespoke software platform called Voyager to source, evaluate and monitor deals. Voyager, which features technologies including data analytics, is intended to support faster VC operations while also creating an effective centralised database over time.
Data harvested by Voyager includes performance indicators such as web traffic growth, which 645 Ventures regards as analogous to revenue growth for digital marketplaces and direct-to-consumer businesses.
645 Ventures’ initial fund raised $8m in late 2014, according to TechCrunch, before marking a final close of undisclosed size two years later.
The firm has achieved four exits to date – acquisitions of media editor developer Fly Labs, copyright violation tracker Source3 and expense reporting app creator Abacus Labs, as well as a majority transaction in hotel software provider Alice.
645 Ventures was co-founded by managing partner Aaron Holiday, who previously worked at Cornell University’s student-run Big Red Venture Fund, and Nnamdi Okike, who completed his MBA at Harvard Business School.
