US-based financial advisory service The Motley Fool has raised $145m for its venture capital fund, Motley Fool Ventures, Technical.ly has reported, citing a spokesperson for the company.
Founded in 1993, The Motley Fool provides financial and investment insights through various platforms including online media platforms and podcasts, in addition to running mutual funds and supplying more precise advice through a premium service.
Motley Fool Ventures, the company’s debut fund, secured the capital from some 800 limited partners, it said, significantly surpassing the initial $100m target revealed in a July 2018 regulatory filing.
The vehicle is being run by managing director Ollen Douglass and is investing in companies in the seed-to-series B range that have between $500 and $5M of annualised revenue. The close was first indicated by a securities filing in November 2018 before being confirmed to Technical.ly.
Alison Southwick, head of public relations for The Motley Fool, told Technical.ly: “We aim to build a venture capital community. Within our 800 LPs are industry experts, entrepreneurs and seasoned investors.
“While the final investing decisions will be made by the general partners, we aim to create a community of LPs that will share their ideas and expertise, inform the fund’s investing decisions, and serve as valuable counsel for the companies in which we choose to invest.”
To date, Motley Fool Ventures has backed 11 companies including workforce productivity tool provider Eyrus, legal technology developer LegalMation, meal delivery operator Territory, financial product comparison platform Runpath and employee engagement platform YouEarnedIt.