Seattle-based startup studio Pioneer Square Labs secured $20M for its third fund. The studio incubates startup ideas and recruits executives to lead them. PSL already has multiple app ideas that use generative AI for the finance and healthcare sectors. - PSL will use the fund to back generative AI startups emerging from its startup studio.
- The firm also backs entrepreneurs that come to the studio with a startup idea.
- PSL also has a separate venture fund division that invests in startups.
- Ideas originating from the startup studio can also tap into the venture fund for additional funding.
- PSL's VC division last raised a $100M fund in 2021.
- To date, 33 startups have emerged from PSL's startup studio, a majority of which raised subsequent funding.
- Palvi Mehta, PSL's CFO and operating partner, said that one of the biggest challenges of the studio was finding founders for its startups.
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