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Image Credits:Twelve Below / Byron Ling and Taylor Greene, both co-founders and partners at Twelve Below
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Pre - seed and seed party have a new bucket of capital to go after today . Twelve Below , a New York - establish speculation capital firm , closed on $ 108 million in uppercase commitments .
Taylor Greene and Byron Ling started Twelve Below in 2021 after premature careers at Collaborative Fund and Lerer Hippeau for Greene , and Canaan and Primary Venture Partners for Ling . However , the pair have known each other and worked on deals together for a decennium , including investiture into Mirror , Papa and K Health .
Greene and Ling told TechCrunch their philosophy is reminiscent of the “ sometime ways of venture capital . ” They say it ’s about trustingness — keep your fund size minor , high conviction , high possession and make a low figure of investments .
“ Our mentors tell us that this kind of old - schooltime approach will drive great returns , ” Greene articulate . “ We started with a white piece of paper , designing the firm around that mind-set based on relationships and trust with entrepreneurs . ”
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Twelve Below aim to lead or co - lead pre - seed and source financings with the goal of earning a 10 % to 15 % ownership stake in the core investment from the fund . The steady invests in New York City - establish startups in the areas of fintech , healthcare , vigour , SMB and consumer sectors .
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Its first fund was $ 50 million , and the portfolio includesAccrue Savings , Odyssey Energy , Croissant , Campus and Truehold . Greene and Ling brag that more than 60 % of their portfolio has already go on to elicit follow - on capital .
Greene and Ling say their big discriminator is their focus on confidence . They also do n’t have a platform team , so the founder work straight off with them .
“ We retrieve trust is what underpins the power to truly have it away what ’s going on in business but also have an outsize impact , ” Ling pronounce . “ Their achiever and our winner are very much intertwined . We ’ve been very deliberate in that model because we intend founders genuinely need personalized attention with an private trusted partner , which is very unlike and why we ’ve resisted the good example of having a program squad and having all these different individuals that could potentially fragmentize that kinship over time . ”
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The new majuscule is spread out across two Modern funds , $ 80 million for its 2nd early - stage stock and a $ 28 million chance investment trust , have the firm total plus under management of $ 160 million . The firm is backed by entity including declamatory university endowments , institutional fund of funds and large mob office staff .
It was its magnanimous number of portfolio company going after follow - on Washington that get Greene and Ling intellection of how they could further support their companies . Greene trace the chance fund as “ a little bit singular . ”
“ It just invests in our existing company , ” Greene said . “ We watch this disconnect in the mart where we ’re very excited about pricing , especially as we follow on into our be fellowship . Pricing , from a risk - reinforcement perspective , seems corking . We ’re also very worked up about how the portfolio is shaping up , so it yield us the ability to put more money into our existing troupe . ”
The twosome invested in 21 company with its first fund and they design on around 25 for the 2nd fund and between five and eight company for the chance investment firm . They have n’t made an investiture yet from the 2d monetary fund , but say that is coming early next class .
New pre - seed funds are popping up everywhere
