Rise of The Rest Launches New Fund To Seed Startups
Rise of the Rest, a VC fund created by former AOL CEO Steve Case to help fund startups outside of the major metropolitan tech hubs like Silicon Valley, New York and Austin, announced it launched a second fund to boost more startups in middle America.
Forbes reported that the firm raked in $150 million, raised by many notable entrepreneurs including Amazon founder Jeff Bezos, Spanx founder Sara Blakely, and hedge fund exec Ray Dalio.
Case has been touring the country, helping fund upstart businesses in places around the country not known as tech startup hotspots. Its first $150 million haul was invested faster than expected, with 80 new investments in 32 states, D.C. and Puerto Rico. Since its launch in 2017, ROTW has more than 125 companies in its portfolio, with an average funding award of a half million dollars.
“It’s nice that we are announcing this in Detroit, a rising city and the first city we visited on tour five years ago,” said Case, quoted by Forbes. “We’ve seen a lot of momentum over those five years, and we are encouraged in terms of what’s happening.”
Rise of the Rest is part of Case’s Revolution venture capital firm.