US-based venture capital firm Better Ventures has confirmed it has closed its latest fund at $21m thanks to a commitment from insurance provider Prudential’s corporate social responsibility group.
The fund was closed before Christmas, though the firm only announced the news last week. The fund’s other limited partners include the Schmidt Family Foundation, Treehouse Investments and individuals such as Chris O’Neill, chief executive of cloud collaboration software provider Evernote.
Better Ventures generally supplies between $250,000 and $400,000 to early-stage startups, though it also provides follow-on capital in series A and B rounds.
The firm focuses on businesses that make renewable energy affordable, but also backs companies in the cleantech, healthcare, human resources and financial services sectors.
Better Ventures concurrently revealed it has made its eleventh investment through the fund with a contribution to a $1m round for Werk, a US-based marketplace for casual work aimed at women. The round also featured Precursor Ventures, Montage Ventures, Halogen Ventures and Social Starts.
Better Ventures is set to announce two further investments in the near future, though it has not yet revealed any further details.
Wes Selke, co-founder and managing director, told news publication TechCrunch: “Our investment angle is that entrepreneurs are just more intrinsically motivated when they are personally connected to a problem they are solving.
“When they are mission driven, they can also attract and retain top talent, people who are looking for a higher purpose in their work, which we are seeing play out in our portfolio.”