Luke Cooper's Latimer Ventures has lowered the fundraising target for its debut fund to $50M, a fifth of its initial target of $250M.
The
firm met its first fundraising objective, raising $8M from investors,
with another $15M worth of soft commitments. However, the final target
was lowered given the difficulty of fundraising in the current
environment, particularly for first-time fund managers.
- Cooper became a VC after his startup Fixit was acquired by Assurant.
- Fixit had raised $6.5M in funding before the acquisition.
- Latimer Ventures expects to back enterprise software startups up to Series A stages.
- The firm invested $1M into Pienso, a firm that uses language models to identify trends in customer calls and survey responses.
- Latimer's peer RareBreed Ventures also lowered its fundraising target from $75M to $40M.
