University of California, Berkeley’s accelerator has picked up $60m for its second fund, less than two months after the programme launched a European presence in Italy.
UC Berkeley SkyDeck, the accelerator of University of California, Berkeley, closed its second fund at $60m on Thursday thanks to a mix of new and returning limited partners from the first vehicle.
The oversubscribed close of SkyDeck Fund II comes less than two months after the accelerator officially launched a Europe-based presence in Italy. It is almost two and a half times larger than Fund I, launched in 2018, which itself only had a $10m initial target.
SkyDeck Fund has invested in founding teams from more than 30 countries, including seven of University of California’s nine campuses.
The accelerator selects more than 300 startups across three programmes per year and is due to hold its next Demo Day on April 6, 2022.
Chon Tang, founding partner of Berkeley SkyDeck Fund, said: “We are deeply gratified by the response to our Fund II, as it validates our vision to support highly capable founders within the UC system and abroad who are ready to see their big ideas grow.
“Our first fund allowed us to introduce incredible global talent and ideas to the investment community here in Silicon Valley and we are excited to continue to build our reputation as the ultimate source for discovering and nurturing startup talent from Berkeley and from around the world.”
Caroline Winnett, executive director of UC Berkeley SkyDeck, added: “Berkeley SkyDeck offers an opportunity for startups that does not exist anywhere else. Namely, the chance to leverage the network and resources of one of the world’s top universities while also enjoying the benefits of a dedicated investment fund and direct access to the biggest venture capitalists in the tech industry.
“This model has proven hugely successful for our founders and we are excited that Fund II will allow us to support more Berkeley founders and bring more talented startups and exciting innovation from around the world to Berkeley and the Silicon Valley community.”
