Dace Ventures has held a first close of over $70 million on its debut fund. The
Dace Ventures, an early-stage venture capital firm investing the Next Wave of internet-related innovations, today announced the initial closing of its first fund totaling over $70 million. Comprised of leading institutional and individual limited partners, the fund is focused on investing in digital media, consumer marketing and mobile services. Founded by former CMGI President and COO, Dave Andonian, the fund has led four prior investments including: auctionPAL (consumer marketing); CityVoter (consumer marketing); LocaModa (mobile services); and, Panraven (digital media). Dace is also today announcing its newest investment in Vitrue, Inc., becoming the fifth portfolio company of the fund.
“Now is a great time to be launching Dace Ventures, and to be investing in the Next Wave of internet innovations,” states Andonian. “Passionate entrepreneurs are harnessing the power of Web 2.0 technologies and services to build capital-efficient businesses, which is exciting to Dace. We're applying our broad network to discover the best and adding value through our operating experience to help build new market leaders.”
The cyclical nature of technology revolutions consistently gives rise to the “Next Wave” of technological innovation. Dace believes there is a next wave of digital media, consumer marketing and mobile services that have passed the early adopter phase and are ready for the mass ma. rket, providing strong investment opportunities for the fund. Dace's focus on early-stage company-building seeks to fulfill the widening capital-gap which is challenging entrepreneurs, as larger-sized funds naturally have shifted to larger-sized and later-stage investments. Dace is seeking investment opportunities with visionary early-stage entrepreneurs and plans on growing a portfolio of between 12-15 investments from its first fund.
About Dace Ventures