Fourward Ventures raising $50M fund
Fourward Ventures is raising a first fund of $50 million to invest in consumer-driven startups, founder William Ward tells Axios exclusively.
Why it matters: In a difficult equity-raising environment, firms like Fourward may have the pick of the litter when it comes to investing.
- Ward says the Los Angeles-based firm has vetted 407 deals since May of last year, demonstrating the demand for capital.
Details: Half the fund has already been raised, while the other half is on track to close by Sept. 15, Ward says.
- The capital is being raised from a mix of family offices, financiers and celebrities.
- Though the fund is in the process of being raised, it already inked its ninth deal earlier this week.
- Fourward invests between $250,000 and $3 million per deal and in either the seed, Series A or Series B rounds.
Catch up fast: Targets tend to be in the categories of either health and wellness, sustainability, media tech or consumer, Ward says.
- Investments by the firm include Partake, an allergen-free food company on track to generate $34 million in revenue this year.
- The firm also placed a bet on Goodles, a maker of a high-protein version of macaroni and cheese co-founded by actress Gal Gadot and on track to generate $10 million in sales.
Of note: Alongside being an investor, Ward is also an entertainment manager, and his client roster at one point included Chris Hemsworth.
- Ward partnered with the actor and an Australia-based PE firm to build the digital fitness platform Centr.
- That business was sold to HighPost Capital for an enterprise value of more than $200 million last year.
- While Ward says he is focusing on venture investment, he will maintain his entertainment management business and music publishing company.
Editor's note: This story has been updated to reflect that Fourward has corrected its revenue figure for Partake, stating that it is $34 million (not $18 million).