US-based venture capital firm Female Founders Fund has closed its third investment fund at $57m with backing from social networking platform Twitter and internet and technology group Alphabet, TechCrunch reported on Tuesday.
Fund III’s other limited partners include investment firm Cambridge Associates, investment bank Goldman Sachs, Doris Duke Charitable Foundation, VC firm Pivotal Ventures, Anne Wojcicki, Susan Wojcicki and Sima Sistani, while Alphabet’s GV unit invested through Plexo Capital.
Founded in 2014, Female Founders Fund is focused on backing seed-stage startups founded by women across the enterprise, consumer, healthcare and financial technology sectors.
The close increased Female Founders Fund’s total assets under management to over $95m. It raised $6m for its debut fund and $25m for its second.
Fund III will invest between $750,000 and $1m per deal and half its capital will be dedicated to follow-on funding. It has so far tapped the fund to invest in seven startups and plans to back some 25 companies through the vehicle.