Gutter raising $50M early-stage fund
Venture firm Gutter Capital has raised about half of a planned $50 million fund to invest in early-stage startups, a person familiar with the fund tells Axios.
Why it matters: The NYC-based firm closed its debut $25 million fund just months before starting to raise this new one at twice the size.
How it works: Gutter plans to target software startups focused on climate change, economic mobility, and affordability.
Flashback: Gutter's first fund closed in March. It backed 14 startups, with an average initial check size of $1.5 million.
- That capital "invested pretty quickly," the person familiar tells Axios, in startups such as EV charging installer Treehouse and waste-management software developer Wats.
The latest: Fund II will make "slightly longer investments" with a "slightly longer investment period," the person familiar says.
- It's made its first "core commitment" in a software startup.
- It's drawn more institutional investors than the first one. LPs include "family offices, funds of funds, founders, GPs, high-net worth individuals," per the person familiar.
Of note: Firm founder Dan Teran previously founded Managed by Q, a workplace-management software firm that was acquired by WeWork in 2019.
- His Gutter co-founder, James Gettinger, was a professional gambler.