US-headquartered early-stage venture capital firm Moderne Ventures has held a $200m final close for its second fund, with commitments from several real estate firms.
The fund’s LP base includes real estate developer Greystar, real estate services firm Realogy, real estate investment trusts AvalonBay Communities, Camden Property Trust and JBG Smith and real estate association Leading Real Estate Companies of the World, as well as alternative asset manager Oaktree Capital Management.
The fund invests in startups developing technology across the real estate, finance, insurance and home services sectors. It has already inked seven deals, deploying tickets between $4m and $7m in late seed to early series B rounds, targeting companies with revenue in the $2m to $10m range, according to TechCrunch.
Moderne Ventures was launched in 2015 by managing partner Constance Freedman, the founder of National Association of Realtors’ venture capital unit. The firm now has nearly $350m in total assets under management.
In addition to its early-stage funds, the firm also manages an industry immersion and acceleration programme called the Moderne Passport, which aims to bridge connections between technology companies of all stages and corporations.
Moderne has invested in more than 100 companies to date, including five unicorns and three IPOs.
Liza Benson, a partner at Moderne, said: “Our oversubscribed fund is a clear indication that Moderne’s vertical approach to venture investing resonates with both investors and the industries we serve.
“We are also proud to welcome fund investments from five of Moderne’s portfolio company executives which clearly illustrates the synergistic value Moderne helps bring to both the industry and our portfolio companies.”