Today, Revolution announced the close of its second Rise of the Rest Seed Fund, amounting to $150 million.
Many of the startups backed out of that first fund have grown faster than predicted, Case said, with nearly a dozen companies raising money at valuations above $100M, including Detroit-based StockX, an online sneaker marketplace that has raised a total of $160 million since it was founded in 2015.
All but two companies in the first fund’s portfolio were based outside of New York City, Silicon Valley and Boston, according to Revolution Managing Partner David Hall, who will lead investing out of the new fund.
Part of the reason we are raising this second fund earlier than anticipated is because there were so many companies that scaled and warranted follow on investment,” Hall told Crunchbase News.
It makes a point to invest alongside regional VCs. But it may increase its initial check size in its second fund, according to Case, based on how things went with the inaugural fund.
A number of companies in that portfolio were investments made by Case on his own before formally forming Rise of the Rest Seed Fund.
But we have made initial investments at a faster pace than we originally anticipated,” he told Crunchbase News.