Founder’s Co-op, an early stage investor focused on mobile and Web startups, has raised $8 million for a second fund targeting entrepreneurs in the Pacific Northwest.

The Seattle-based firm, managed by partners Chris DeVore and Andy Sack, closed its initial fund, a $2.5 million vehicle, in 2009. To date, it has backed more than 25 companies in the region, including several that have raised follow-on rounds and one, shopping engine Sparkbuy, that sold to Google last year in a talent acquisition.

For the second fund, DeVore says, Founder’s Co-op will continue to pursue its strategy of seed and very early stage investing. The partners are envisioning backing around 20 companies, with initial investments typically in the $100,000 to $200,000 range. Over the lifespan of the investment, they’re looking at putting in $500,000 to $750,000 per company.

“We’re very founder-centric,” DeVore says of the investment approach. “We invest in anything that has incredibly talented people who want to build something out of software that makes money.”

DeVore says he also believes the region that Founder’s Co-op is targeting, which spans from Portland to Seattle to Vancouver, is comparatively under served by early stage capital providers. Although regional startups boast an impressive talent pool, he adds, local startup valuations have less “froth” than their counterparts in Silicon Valley.

So far, a number of portfolio companies have gone on to raise follow-on rounds from larger venture firms, including ones outside the Pacific Northwest. Founder’s Co-op was an early investor, for instance, in UrbanAirship, a Portland-based developer of messaging and content delivery tools for mobile phones that raised a $15 million follow-on round in November with backing from Foundry Group, True Ventures and Intel Capital. It also backed BigDoor Media, a Seattle-based developer of technology for adding game mechanics to websites and apps that raised $5 million in 2010 from Foundry Group.

Founder’s Co-op is also investing alongside established venture firms and funds from outside the region. It invested in Unbounce Marketing Solutions, a Vancouver-based developer of tools for online marketers, alongside Atlas Venture, 500 Startups, Point Nine Capital and Real Ventures. Another portfolio company, Appature, a Seattle-based provider of online marketing services for healthcare companies, raised seed funding from Ignition Partners and Madrona Venture Group, as well as Founder’s Co-op.

In addition to making investments, Founder’s Co-op is active in mentoring startups. It lists more than 40 mentors on its website, most of whom are Pacific Northwest natives with a background in the technology, venture and startup spaces.