Feb 12, 2018

Homebrew raises $90 million for third seed-stage fund

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.

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Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

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Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

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The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.