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The Geekdom Fund tech venture capital firm has closed its second fund with a total collection of $20 million for future investments, the organization announced in a press release Wednesday morning.
The news marks “Geekdom Fund [as] the largest tech venture capital fund raised in San Antonio history,” the release stated. “It’s also the largest fund of its kind in Texas.”
Pooling this amount of money will allow the group to continue its work of investing in early-stage high-growth tech startups. The firm has invested in at least 30 companies according to its website.
Amassing $20 million in the second fund suggests that the firm surpassed previous goals. It was pursuing additional funds to raise its total to around $15 million in November 2016, according to a report in the San Antonio Business Journal.
While based in San Antonio, the firm invests in companies and receives funds from all over the country.
Investments in startups like Chowbotics, which designs and creates robots for commercial food preparation in Redwood City, Calif., and Sea Machines, a Boston-based company developing autonomous navigation systems for ships, showcase the group’s reach across the United States.
But despite its national reach, the group has also made plenty of investments close to home. Among the Geekdom Fund’s local investments are Dauber, a startup that is “creating a marketplace of construction materials by installing a software and hardware system in trucking fleets,” as well as startup seed fund program RealCo and Austin-based communications company Tenfold.
Moving the firm beyond its first fund and into a notably successful second fund shows that there’s faith from the city, the community, and beyond in what the fund is seeking to accomplish through its investments, Geekdom Fund Managing Director Michael Girdley told the Rivard Report in a Tuesday phone interview.
“We’re excited to continue the momentum from the success of our first Geekdom Fund,” he said.