Freestyle Capital Raising Fund II

Freestyle Capital has raised $35.9 million of a targeted $40 million for its second fund, according to a regulatory filing.

Josh Felser and Dave Samuel, who founded Freestyle in 2009, are managing directors of Freestyle Capital Fund II LP, the filing states.

Mill Valley, Calif.-based Freestyle raised $27 million for a Fund I, which closed in 2011, according to Thomson Reuters, but partners had been making investments a couple years previously as well. The firm invests primarily in seed-stage Internet software startups.  Recent investments include Recurly, a provider of billing management applications, Pinfluencer, an analytics tool for the website Pinterest, and Chute, a platform for adding photo and video functionality to apps and sites.

To date, Freestyle has seen a few exits as well.  It lists ten on its website. One was CoTweet, a tool for allowing multiple people to tweet through their brand’s Twitter account, which sold to ExactTarget in 2010. Another was Typekit, a subscription service for accessing fonts, which sold to Adobe in 2011.  And IndexTank, a service for building search-based applications, sold to LinkedIn the same year.

On Freestyle’s website, partners Felser and Samuel cast themselves in the role of “brutally honest mentors with strategic and operational experience.” Partners seem to cultivate a hip edge as well, listing as personal interests snowboarding, wakeboarding, and Burning Man.

They don’t seem like suit-wearing types either, boasting on the site that “in an industry brimming with buttoned-up suits, one-dimensional characters, and sugar-coated advice, we stand out as the anti-banker.” Helping drive that point home, the page features a picture of the two partners and a friend, all in sunglasses and Burning Man attire, standing on the desert playa in front of a car welded to look like a giant snail.

But Freestyle has generated some serious interest in the LP community. Backers in its first fund include fund-of-funds Cendana Capital. Its founders also have a strong track record of starting and selling companies. Prior to Freestyle, Felser and Samuel started two Internet companies, Spinner and Grouper, which were acquired by AOL Time Warner and Sony for $320 million and $65 million, respectively, according the firm’s website.

Photo: Image courtesy of Shutterstock.

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