Material Impact raises fund target by 30% to $325M
Material Impact, a Boston-based early-stage venture firm, raised the target for its third fund to $325 million from $250 million, the company said in a filing. The firm invests in material science startups.
Why it matters: The 30% bump in fund size shows that LPs aren't backing away from early-stage venture funds in this space. The demand comes even as early stage faces greater risk amid the market beatdown.
What's happening: Material Impact has raised nearly $313 million of the target $325 million from 51 total investors, the company said in the filing, which Axios was first to report.
- In February, Material Impact filed its initial disclosure for Fund III with a target of $250 million.
- Carmichael Roberts and Adam Sharkawy founded the firm in 2015. The firm has made 22 investments to date out of its two funds.
- Those include Nauticus Robotics, hydro panel maker Source, and Jump Aero, which makes technology for electric airplanes.