The VC, which also names Lionel Conacher as a partner, has so far raised more than $24 million in funding. Next Ventures specializes in funding sports, health and wellness focused startups. The new round will power Next Ventures’ new fund.
According to the VC’s website, Next Ventures “is powered by the alchemy of experience and knowledge, and is led by two General Partners [Armstrong and Conacher] who bring together a powerful combination of category expertise and connections with deep financial investments experience.”
So far, Next Ventures has invested in at least five startups including PowerDot, which helps athletes recover from their power workouts by stimulating muscles and tissues. Other Next Ventures investments include Human Amp, Scorched Ice, Oura and Spar!.
Armstrong joined the VC world after he was banned for life from pro-cycling. He became a partner at Lower Case Capital, then launched Next Ventures.