Wednesday, December 6, 2017

CrossCut Ventures Raises $125M Venture Fund, CrossCut 4

Los Angeles-based CrossCut Ventures, the venture firm run by Rick Smith, Brian Garrett, Brett Brewer, and Clinton Foy, is announcing this morning that it has raised a big new fund--CrossCut 4--worth $125M. According to CrossCut, the new fund was targeted at $100M, but was highly oversubscribed, even beyond the fund's hard cap at $125M. The fund is the fourth for CrossCut, which focuses on seed-stage and Series A investments, and is worth more than the combined total of the firm's prior three funds. CrossCut's last fund was worth $75M and the venture firm's most notable recent investments have been DocStoc, GumGum, Ipsy, Shoedazzle, Fabletics, Narvar, Super Evil Mega Corp, The Black Tux, Winc, Lettuce, Gradient X, Inspire, Data Science, HelloTech, MobCrush, Jyve, ConversionLogic, Comparably, DeepCurrent, Branch Messenger, StreamLabs, along with eSports team Immortals. CrossCut says that, so far, it has 11 exits out of its three prior funds. Photo: CrossCut's team at a local taco truck in front of its offices in Venice.