Corigin Ventures, the venture capital firm sponsored by US-based real estate developer Corigin, closed its second fund yesterday at approximately $36m.
The firm targets consumer and property technology developers in the US and Canada. It invests $100,000 at pre-seed stage and provides between $500,000 and $1.25m for seed-stage deals, with additional capital reserved for follow-on investments.
Corigin Ventures began raising the capital in mid-2018 and the fund had a $50m target according to securities filings. It is the first to include contributions from external limited partners, TechCrunch reported.
The closure of the fund was announced in tandem with the firm hiring Aubrie Pagano as a partner and promoting Daniel Fetner to principal and Eric Schoenbach to associate.
Pagano, who will also be part of Corigin Ventures’ investment committee, co-founded customisable fashion brand Bow & Drape in 2012 as CEO after four years at investment and financial services group Fidelity, and has been an investment partner at female-focused microfund XFactor Ventures since 2017.
Ryan Freedman, another general partner at Corigin Ventures, said: “The final closing of our second fund, the growing and increasingly diversified makeup of our investor base, and the addition of an exceptional person and investor in Aubrie reflect the progressive evolution of our differentiated firm.
“We are at the forefront of identifying areas in the physical world that can be enhanced by digital technology, and look forward to using our fresh capital and talent to fund companies that are creating these efficiencies and generating real value.”
