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Eniac Ventureshas close two investment trust totaling $ 220 million , the seed - stage firm shared exclusively with TechCrunch .
New York - basedEniachas raised $ 60 million for Select 1 , the business firm ’s vehicle for follow - on tardy - stage investment in portfolio companies , and $ 160 million for Eniac VI . The firm has made 11 investing out of Select 1 , which actually close in 2021 but was not in public announced until now . The business firm plan to make its first investment “ shortly ” out of its sixth monetary fund , according to conscientious objector - father and general married person Nihal Mehta . It contrive to makeabout 40 investments across both finances .
Eniac is a sphere - agnostic firm , with Mehta account the team as “ pre - product - market place - fit Renaissance man . ” Despite being sphere agnostic , even Eniac has been bitten by the artificial intelligence bug , with Mehta noting that “ machine learning and AI has been a overriding theme ” for the business firm over the preceding decade .
“ There is some hoopla in AI , but we consider it to be the most transformative wave of calculation we have image since the internet , ” he said .
Portfolio companies include 1up Health , Alloy , Anchor , Attentive , Brightwheel , Embrace , Ghost , Hinge , Hive , Level.ai , Maestro , Owlet and Vungle . Eniac also was an other investor in Airbnb and has seen issue in companies such as TapCommerce ( to Twitter ) , Anchor ( to Spotify ) , Dubsmash ( to Reddit ) , Hinge ( to IAC ) , Workflow ( to Apple ) , Vungle ( to Blackstone ) and Vence ( to Merck Animal Health ) .
Mehta declined to name specific LPs , noting only that they are a mixture of “ top introduction , endowments , pensions and fund of funds , ” and that the bulk of them are “ foreign mission - labor . ”
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Despite the challenging fundraising environment , Mehta said the fundraise “ ironically was the quick ” Eniac has done in 15 years .
“ We attribute this success to being capable to pass multiple stock in the preceding few years , ” he told TechCrunch , though he turn down to allow for specific figures around returns .
The size of Eniac ’s funds has grown significantly over the year . Eniac raised its maiden $ 1.5 million investment firm in 2010 , provoke $ 100 million for its fourth monetary fund in 2017 and raised another$125 million for Eniac Fund V in 2021 . Over the years , it has backed more than 250 startups .
