2048 Ventures, a brand new early-stage agency based and led by Alex Iskold and Paul Sethi, is asserting that it has raised a primary fund of $27 million.
Iskold spent 5 years because the managing director of Techstars NYC, and he beforehand based Information Lab and GetBlue. Sethi, in the meantime, not too long ago served as CEO of Redbooks whereas additionally making angel investments for the previous decade.
The pair instructed me that they’re seeking to write first checks of between $300,000 and $500,000 for startups with genuinely differentiated know-how in sectors like enterprise software-as-a-service, fintech, healthcare, cybersecurity, developer instruments, hardware, genomics, synthetic intelligence and biotech. They’re not ruling out client startups — however once more, they stated tech differentiation is vital.
Whereas the agency relies in New York, the pair stated they’re “geo-agnostic,” not less than inside the USA and Canada. They’ll take a look at startups from Silicon Valley and New York, however based on Iskold they’re equally excited concerning the alternative in cities like Atlanta, Austin, Toronto and Nashville. And fairly than making an attempt to persuade these founders to maneuver to one of many present startup hubs, they’re completely satisfied for them “to construct of their hometowns and develop of their hometowns, not less than till they get to a later stage.”
In every of those markets, Sethi added, “We’re taking part in very properly with the opposite gamers in these ecosystems. We’re those who’re bringing different angels to the desk and different establishments that can make investments on the early stage with us.”
Additionally they stated they’re in search of first-time founders, or serial entrepreneurs who nonetheless have the “first-time founder mindset.” In different phrases, they’re in all probability not focused on somebody who’s already had an enormous exit.
“There’s capital effectivity, starvation and drive which you could actually sense — the founder who hasn’t but had that large exit and actually desires to execute,” Iskold stated.
He additionally stated there’s “nobody single formulation” of who they’re in search of: “A part of our message is: We’re not afraid to spend money on first-time founders, single founders, couples. We need to defy the notion of what makes a first-time founding staff.”
The agency has apparently made some investments already, however it’s held off on disclosing them whereas ending its personal fundraising.
As for the place the 2048 title got here from, the pair truly declined to inform me, as a result of they’ve been asking job candidates to guess and getting what Iskold referred to as “such an exquisite, numerous set of causes.”