Venture Firm M13 Launches New $175 Million Fund
M13, billed as a venture engine built by and for entrepreneurs, has closed on its second fund, with $175 million now in the bank.
The Los Angeles based fund topped its expected target of $150 million. Known as “Fund II”, the new fund will prioritize seed and Series A (and selected Series B and up) startups that specialize in emerging consumer tech companies. Fund II will build on M13’s experience in consumer behavior and the intersection of emerging tech and key sectors such as health, logistics, food, housing and fintech.
Originally launched in 2016, M13 is evolving traditional venture funding models by supporting entrepreneurs with both funding and operational experience. The fund offers a “founders first” approach with an experienced team to help build and scale consumer tech firms.
“As former founders and operators, all of us at M13 have the experience and empathy to support our founding teams throughout their entire journey,” said Carter Reum, co-founder and partner of M13, in a statement. “M13 has already demonstrated success in deploying our investors’ capital into what are now household names, and we look forward to continuing our investment strategy with Fund II. Fund II will allow M13 to take meaningful ownership stakes in compelling companies and grow them in future rounds.”
“I’m glad to be an investor in M13,” said Sir Richard Branson, Virgin Group founder and one of several investors in M13, which also counts Silas Chou and Arianna Huffington as investors. “I have followed co-founders Carter and Courtney Reum for many years. Now they have added General Partner Latif Peracha, who worked on Virgin’s US companies and looked after my US venture investments for the last seven years. M13 already has a strong track record in consumer tech and made its strength guiding entrepreneurs in a practical way. I’m excited to see how their portfolio grows.”
M13 has more than 80 direct investments, including Bird, SpaceX, Ring, Leesa, MeUndies, MakeSpace and Fanduel. It also claims 16 exits, and prior investments totaling $137 billion in enterprise value, according to M13.