NextGen Ventures raises $52 million for second fund
Illustration: Aïda Amer/Axios
NextGen Venture Partners has raised $52 million for its second fund, the early-stage investment firm tells Axios.
In context: Unlike many VC firms that are now shifting to work from home, NextGen has been distributed from the start, including an extensive network of 1,300 venture partners. Startup pitches via Zoom are routine, and NextGen even built its own social network-like software for managing deals.
What they're saying: Managing partner Jon Bassett tells Axios:
- “In the early days, NextGen really started as wanting to be the best investor in second-tier cities…we said ‘let’s invest outside of Silicon Valley.' With Fund 2, we want to be in the best deals regardless of of geography.”
- “I think the lessons learned is that having industry experts in the room during the pitch is incredibly helpful and efficient… In our process, you get all the relevant people in a 60-90 minute call.”