US-based venture capital firm Hustle Fund has raised $33.6m for its second fund, from limited partners (LP) including messaging platform developer Line, Forbes has reported.
Japan-headquartered Line reupped in Hustle Fund II through corporate venturing unit Line Ventures having committed to the firm’s first fund, which closed in September 2018 at about $11m.
Hustle Fund II’s other LPs include investment firms Foundry Group Next and Shanda Group. The second fund, managed by co-founders Eric Bahn, Elizabeth Yin and Shiyan Koh, is expected to invest in about 200 early-stage portfolio companies.
Hustle Fund I backed 101 startups, writing initial cheques of $25,000, with about 25% then receiving $250,000 to $500,000 in additional capital. About 38% of its portfolio companies have at least one female co-founder while 17% have a black or Latinx co-founder.
