F50, a US-based platform that links founders with investors, formed a venture capital fund in partnership with US-based VC firm Garage Technology Ventures on Thursday.
F50 Garage Venture Fund II is being raised in the wake of a $10m seed fund launched by F50 in 2014. The firms are targeting $100m in capital for the fund, which will leverage F50’s platform to locate portfolio seed and early-stage companies in which to invest.
The fund is expected to back up to 100 companies in the next three years, and will prioritise investments in the IT and software sectors. It also plans to opportunistically invest in selected startups developing technology spanning sectors including robotics, medical devices and materials science.
F50 closed $2m in equity in a seed round backed by assorted angel investors in June this year.