US-based startup studio and venture capital fund Pioneer Square Labs (PSL) has raised $15m in funding from investors including Sinclair Digital, a subsidiary of broadcaster Sinclair Broadcast Group.
Venture capital firm Foundry Group invested $10m to lead the round, which included Techstars Ventures, Bezos Expeditions, Greycroft Partners, Madrona Venture Group, Maveron, Menlo Ventures, MHS Capital, True Ventures, Trilogy Equity Partners, Voyager Capital, Vulcan Capital and 60 angel investors.
PSL launched in 2015 to invest in startups based in the Pacific and Northwest region of the US, and provides guidance to portfolio companies on matters such as market research, concept validation and product management alongside funding.
The capital will be used to scale PSL’s operations and comes a month after it reached a $40.8m close for a VC fund it is raising. PSL has publicly disclosed six spinouts to date, which have between them raised a total of more than $26m in funding.
Foundry Group had previously led a $12.5m round for PSL in 2015 that included Sinclair and the institutional investors in the latest round as well as unnamed angel investors.