SignalFire, which closed two $900M funds yesterday, had to overhaul its investment strategy in a bid to close the fund.
The firm moved away from the fintech and crypto sectors and will focus
the new investments on developer tools, AI, health tech, cybersecurity,
and SaaS domains.
- The firm intends to focus on pre-seed and seed-stage investments going forward.
- SignalFire
CEO Chris Farmer informed Pitchbook that the fund took longer to close
than anticipated. The firm initially expected to close the fund in Q1
2022 but had to postpone the closing as "a lot of LPs just shut down
shop and froze for some period of time."
- Nevertheless, the firm
was able to secure nearly twice the capital for the new fund than its
predecessor, which closed at $500M in 2019.
- SignalFire also announced a new executive-in-residence program that helps startups scale their business.
