Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
Homebrew, the seed-stage venture capital firm whose portfolio companies include Chime and TheSkimm, is raising $90 million for its third fund, per an SEC filing. A source close to the situation says a final close is imminent, with most of the commitments coming from existing limited partners. (Update: It's closed)
Bottom line: It's still a bit too early to judge Homebrew from a returns perspective (despite some promising investments), so this fundraise reflects LP belief that the San Francisco-based firm has stuck to the strategy it originally promised.
Homebrew previously raised $85 million for its second fund, which included a $35 million "overage" fund to make pro rata investments in later rounds for Fund I and Fund II portfolio companies. This time it's a single vehicle, with expectations that the investment period will last four years instead of three.
Hunter Walk, the former Google/YouTube executive who co-founded Homebrew with ex-Twitter exec Satya Patel, declined comment.