Wednesday June 19, 2019

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NY’s Lerer Ventures Raises $36M Fund

Image representing Lerer Ventures as depicted ...

Image via CrunchBase

Lerer Ventures, NY-based investment firm, has raised its largest fund yet. According to Business Insider, this third round of funding amounted to $36 million. The group was started by Eric Hippeau, Jordan Cooper, Ken Lerer, and Ben Lerer. With the money, the firm plans to continue investing in early-stage companies in NY. Since its second fund was raised last May the company has invested in about 70 companies, and over the last two years has been one of the more active NY early-stage firms.

Some of its investments include Venme, which was just acquired for $26 million, and GroupMe which was acquired by Skype for $80 million. According to Hippeau, the firm is frequently asked to make joint investments with other funds, even some on the west coast. Lerer has gained popularity among early stage companies because the partners all come from a variety of backgrounds. Ken Lerer co founded Huffington Post, Ben Lerer co founded Thrillist, Hippeau was a media executive and entrepreneur and former Huffington Post CEO, and Cooper recently sold Hyperpublic, his startup, to Groupon.

Business Insider