SOSV, a multi-stage enterprise agency that was based as the non-public investing car of entrepreneur Sean O’Sullivan after his firm went public in 1994, then re-launched as a standard enterprise agency with exterior backers in 2015, has raised $218 million for its third fund.

The car has a $250 million goal that SOSV anticipate to satisfy by yr finish, however already, it’s considerably bigger than the agency’s earlier fund, which closed with $150 million.

SOSV is best-known for the quite a few accelerators it has created and oversees, together with hardware-focused HAX, and IndieBio for all times sciences startups. Yesterday, we had been in contact with SOSV companion Daniel Eichner — who’s accountable for elevating capital for the outfit, in addition to introducing its portfolio firms to potential future buyers — to be taught extra what else is new at its eight workplaces world wide, together with in Cork, Eire; Princeton, N.J.; New York; San Francisco; London; Shenzhen; Shanghai; and Tapei.

Among the many many issues we discovered: the agency now has eight senior companions who in the end determine the place capital will get invested, and a whopping 110 individuals throughout the U.S., Europe and China, together with assist employees that to assist its startups go from lab to market.

The agency has additionally earned some bragging rights, together with because the lead investor within the electrical bike firm Bounce Bikes, acquired final yr for an undisclosed quantity to Uber. It additionally some extremely valued firms in its portfolio at the moment, together with the 3D printing “unicorn” FormLabs; the peer-to-peer ride-sharing firm GetAround, which simply acquired a French firm yesterday to increase its attain into Europe; and Makeblock, a Shenzhen, China-based firm that sells robotic kits for youths and most lately raised $44 million in Sequence C funding.

The agency hasn’t shied from some extra bold bets, both together with one on BitMEX, a crypto trade based mostly in Hong Kong that’s centered on cryptoderivatives and during which SOSV is the one institutional investor.

Many of the founders it backs — 80 %, says Eichner — are first-timers, although “many have years and typically a long time of labor expertise,”  he provides.

As for the dimensions of the checks SOSV writes, its accelerator offers are standardized for every program, however the smallest test is for $100,000 for software program startups or $250,000 for {hardware} and life sciences startups. In the meantime, essentially the most it’ll make investments is as much as $2 million, throughout a number of rounds, with its largest wager thus far being SyntheX, a designer therapeutics firm during which SOSV owns a 20 % stake.

Eichner explains that SOSV goals for between eight % and 16 % possession on the accelerator section, then appears to be like to both set up or preserve a 15 % stake within the high 20 % to 30 % of its firms.

Regardless of its many far-flung workplaces, we requested if SOSV tends to assist extra founders within the U.S. than elsewhere, or vice versa. Eichner says that about half of SOSV’s portfolio firms are in North America, with one other quarter in Asia, and the remainder break up between Europe and the remainder of the world.

Pictured above: Agency founder Sean O’Sullivan.


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