Act One Ventures Raises $73 Million for its 3rd Fund Amid Market Slowdown
LOS ANGELES, Jan. 17, 2024 /PRNewswire/ -- Act One Ventures, the early stage venture capital firm that created the Diversity Rider, has finished raising its third fund. With $73 million in committed capital, Act One more than tripled the $23 million raised for its second fund and brought its total assets under management (AUM) to $148 million. The new fund comes at a pivotal moment for the venture capital industry, which is seeing significant contraction with firms shutting down or unable to raise new funds after several years of skyrocketing valuations and mega-funding rounds across all stages.
- With $73 million in committed capital, Act One more than tripled the $23 million raised for its second fund and brought its total assets under management (AUM) to $148 million.
- The pair began working together in 2013 at the UCLA Venture Fund, and both were software company founders prior to that.
- The firm led four of the five deals made from the new fund so far, with initial checks ranging from $1 million to $2 million.
- Act One's $148 million in AUM is spread across three funds and more than 10 special purpose vehicles (SPVs), but it plans to reserve significant capital in Fund III for follow-on financing of portfolio companies.