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Exclusive: Tamarack raising $100M early-stage fund

Illustration of hands holding money up towards Earth

Illustration: Annelise Capossela/Axios

Venture capital firm Tamarack Global is raising a $100 million early-stage fund targeting startups at the intersection of software and hardware.

Why it matters: The fund, the firm's second, is already backing some of the most ambitious plays in tech, from geo-engineering to humanoid robots.

Zoom in: Tamarack Global expects to close the fund in May, a person familiar with the matter tells Axios.

  • Limited partners include Andreessen Horowitz general partners Marc Andreessen and Chis Dixon, hedge fund manager Louis Bacon, Yucaipa Companies founder Ron Burkle, and Silver Lake executives Egon Durban, Greg Mondre and Mike Bingle.
  • Tamarack Global's debut $31 million fund deployed close to $80 million through co-investments, including in climate startups such as mobile battery maker Moxion Power.

The latest: Fund II will invest in seed through Series A, writing first checks ranging from $250,000 to $4 million depending on the stage.

  • Tamarack plans to back 25-30 companies through the fund as both lead and follow-on. It will occasionally seek board seats as lead investor.

The Greenwich, Conn.-based firm has so far invested in five startups through Fund II, spanning climate, aerospace, defense, and robotics:

  • Figure AI, which recently raised $675 million for human-like robots; Impulse Space, the space logistics startup founded by SpaceX first employee Tom Mueller; cloud-seeding startup Rainmaker; defense and aerospace startup Chaos Industries; and an EV company that's still in stealth.
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