Pre-seed investor Bee Partners has held an oversubscribed final close for its second fund on more than $30m.
That total was easily above its initial $25m target, the firm said, and more than four times the amount raised for its debut Bee Partners I vehicle.
Bee said, “This new fund… is remarkably similar to a startup’s shift from a ‘pre-seed’ round to a true Series A round.
“Our network of friends and family could no longer afford to keep our passion afloat, wherein Bee II we sought capital from outsider investors who demand results.
“Just like we as VCs have chosen to invest in select startups from a sea of opportunities, so too have our LP’s made a choice in funding our latest fund.
“And just as our founders have embraced investor expectations of milestone achievements and proper controls, so too have we matured into an established firm.”
The firm has been investing Bee II since early 2014, and has already backed 17 companies – almost half of which have ties to the University of California, Berkeley.
They include fintech startup Neighborly, AI business StatMuse and construction-focused BuildingConnected.
A statement from the firm said, “At Bee, we invest at the pre-seed because we aspire to go back to VC roots, when companies were funded before they had proven it out and/or found their product-market fit.
“It is the stage when we are most valuable to Founders, and now more than ever.”
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