VC firm raises $85 million to not invest in Silicon Valley
Coastal technology hubs like Silicon Valley and New York tend to get the most attention, but two Austin-based investors believe there are plenty of startup opportunities in other cities. Next Coast Ventures founders Mike Smerklo (former ServiceSource CEO) and Tom Ball (ex-Austin Ventures) have raised $85 million for their firm's inaugural fund, and plan to invest in emerging tech markets across the country.
Next Coast Ventures will focus on software-based startups and will invest in Series A and B rounds. It already has some portfolio companies, including Umuse, Dropoff, OnRamp, Phlur, Cloverpop and Clarity Money.