So Cal early-stage firm CrossCut seeks $50 mln – filing


CrossCut Ventures, a seed stage venture capital firm based in Venice, Calif., is seeking $50 million for a planned third fund, according to a securities filing.

The firm invests primarily in the consumer Internet, business software and mobile sectors, with a focus in Southern California. Partners declined comment on the new fund filing for the firm, which began investing in 2008. It currently lists 27 portfolio companies on its website

The filing for the new fund comes on the heels of several exits and up-rounds for CrossCut portfolio companies.

In the past year, Intuit acquired two portfolio companies. They are: Lettuce Apps, a developer of an order management platform that sold for $30 million in May, and DocStoc, a site for accessing professional documents that sold in December for an undisclosed sum.

One portfolio company, online shoe and clothing retailer JustFab, is reportedly raising a new funding round of $50 million to $100 million, while another, table game maker Super Evil Megacorp, just closed on $15 million.

CrossCut has been making new investments, as well. Recent additions include Prospectwise, a service for businesses to collect information on potential customers, and Black Tux, a tuxedo rental service.

The firm has three founders, all of whom are listed as managing directors in the filing: Rick Smith, Brian Garrett and Brett Brewer.

Clinton Foy, listed on CrossCut’s website as a venture partner, is also named in the filing as a managing director. The firm raised at least $4 million for its second fund in 2012 and about $5 million for its first fund in 2009, according to Thomson Reuters.

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