Cove Fund, an Irvine, Calif.-based seed-stage venture capital firm that invests in the Southern California startup economy, launched its third fund, Cove Fund III.
The fund has completed its initial closing and will make its first investments in the coming months. It is expected to exceed $30M in capital, more than twice the size of Cove Fund II.
Led by fund managers Mike Benvenuti and Paul Voois and J.C. Ruffalo, who recently joined as Venture Partner, Cove Fund invests in early-stage technology and life science companies that demonstrate the potential to address large markets with highly differentiated products and services. The fund typically leads financing rounds in the $1-5M range and has a syndication network consisting of angel investors, family offices and venture capital funds that co-invest in its deals.
The firm launched in 2015 with its $6M Fund I, followed in 2018 by its $14M Fund II. Cove Fund has invested in more than 40 Southern California startups including notables such as:
- Carlsmed, maker of custom spinal implants that improve surgical outcomes, who recently raised a $10M Series A round led by US Venture Partners;
- Giga IO, creator of next-generation data center rack-scale architecture for artificial intelligence and high-performance computing solutions, who recently raised a $15M Series B round; and
- GoSite, developer of cloud-based software designed to help small businesses engage with customers online, who recently raised a $40M Series B round.
Read More: Cove Fund Launches $30M Third Venture Fund