US-based venture capital firm Interlace Ventures secured $14m for its first vehicle yesterday, from backers including digital payment processor PayPal and equity management technology provider Carta.
The limited partners also included Bain Capital Ventures, the venture capital arm of private equity firm Bain Capital, in addition to unnamed family offices and individuals.
Founded in 2019, Interlace Ventures is targeting pre-seed and seed-stage commerce technology developers operating in a post-pandemic context, and intends to back up to 30 companies through the fund.
The firm has a 13-strong portfolio including Alloy Automation, a developer of code-free e-commerce automation technology, retail product display service B8ta and CommerceJS, which provides an application programming interface for online vendors.
PayPal’s investment was first revealed last month as part of a $50m allocation to 11 diversity-driven funds.
Joseph Sartre, managing partner at Interlace Ventures, said: “Technology is key to enable more sustainable, personalised and delightful consumption. It supports legacy and emerging brands to be more consumer-centric.
“We are investing early and heavily in enhanced commerce infrastructure technology to support the industry’s scalability and sustainability transformation for the next 30 years.”
