Private equity firm Insight Partners and Capital market company Precursor Ventures will join Hustle Fund in raising fresh capital, media reports said. Both Insight Partners and Precursor Ventures are looking to ramp up their investment portfolio amid the pandemic.
The Charles Hudson led company; Precursor Ventures has raised fresh capital to invest in a series of pre-seeded companies. It is reported that the company has announced plans to raise a $40 million fund in March and currently it has closed $29 million of that goal.
It is reported that Insight Partners also raised money for its first-ever opportunity fund by raising $9.5 billion funds in April for startups. According to SEC filings, the company has raised $413 million for the opportunity fund.
Furthermore, the recent investments from Precursor Ventures included the Juggernaut, mmhmm and TeamPay.
It is reported that Hustle Funds raised funds worth $30 million in its second fund surpassing its previous $11.5 million funds. The paperwork for the new fund was floated in May last year with the goal to raise $50 million. The first fund is closed amid a new fundraising. The gap between the filing and closing of the first fund has been big.
Furthermore, the fund was rolled out two years ago by ex-500 Startup partners Eric Bahn and Elizabeth Yin. Hustle Fund is similar to Precursor Ventures which seeks to invest in pre-seeded startups. It is reported that the venture capitalist invests $25,000 checks into 50 startups every year.