Early-stage VC agency Black Nova has launched a brand new fund looking for a goal of $35 million because it goals to hit early stage B2B tech firms with some a lot wanted further capital.
Black Nova managing accomplice Matt Browne stated the brand new fund’s route will complement the work of Black Nova’s authentic fund that raised over $22 million final yr.
“For sure, our daring funding thesis ‘boring is best’ continues to work very effectively for us, demonstrating that there’s an distinctive upside in supporting the less-glamorous, however important, companies fixing acute, and the on a regular basis issues for the mid-market and enterprise buyer,” he stated.
Black Nova emerged from the shadows in 2021 and has continued to increase on its founders’ priorities of funding un-sexy however dependable B2B tech firms, with 95 per cent of its capital hitting companies that clear up effectivity issues in areas like cyber safety, building, AI, and marketing-tech.
“Collectively, we help and coach our founders via varied levels of progress till they ‘win’, and a win for our founders is, after all, a win for Black Nova and our companions,” Browne stated.
The younger VC agency helped satellite tv for pc knowledge evaluation firm Arlula increase $2.2 million, was an early investor in Sydney carbon reporting software program startup Pathzero, and authorities relations knowledge firm GovConnex.
GovConnex founder and CEO Cooper Darling-Blair stated his startup “has grown 17X” since Black Nova’s funding in 2020.
“We wouldn’t have been in a position to obtain that consequence with out, not simply Black Nova’s capital help, but additionally their operational help,” he stated.
“As a B2B SaaS firm, working in a distinct segment market, gross sales operations will be notably complicated. That is one space the place they’ve been in a position to lean into the nitty gritty of our enterprise and assist us obtain excellent outcomes.”