Early Light Ventures, an early-stage investor, has raised at least $10.6 million for its second fund.
Early Light, based in Baltimore, is still relatively new to venture capital, with four exits and four years under its belt, according to Crunchbase. It mostly invests in firms that offer software to other organizations, such as event ticketing company Seated, influencer marketing firm ProductWind, and telemedicine venture Citus Health.
Early Light has set a target of $15 million for its second core fund, which would be roughly the same size as the firm’s debut, $16.5 million fund, according to a regulatory filing with the SEC.
Importantly, this is not how the venture business operates now. In the third quarter of 2022, venture-backed companies raised almost $43 billion, with Black founders accounting for approximately 0.43%. As of October, venture investment secured by all-female founding teams in the United States was on course to go below 2%.
Early Light also invests in video advertising company Konduit and staff training software maker GoCoach. According to the investor’s website, it currently manages approximately $37 million in assets, including syndicate projects.