US-headquartered, female-focused venture capital firm BBG Ventures has closed its third fund at $50m with backing from telecommunications firm Verizon and department store retailer Nordstrom, Forbes has reported.
Susan Lyne and Nisha Dua run BBG (which stands for built by girls) and it has made 76 investments in companies including feminine hygiene brand Lola, wedding planning platform developer Zola and co-working space The Wing from its first two funds.
Verizon’s corporate venturing unit, Verizon Ventures was the first limited partner to back the firm’s new fund. It was joined by Nordstrom, State of Michigan Retirement Systems, George Kaiser Family Foundation, Payal Kadakia and Tracy Sun, Forbes added.
Lyne and Dua’s former employer, AOL (which is now run by Verizon subsidiary Verizon Media) was the sole limited partner in BBG’s first two funds, each of which was sized at $10m.
