Las Olas Venture Capital raises funds for B2B

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Las Olas Venture Capital (LOVC) announced Wednesday (April 13) that it has raised $50 million for its new fund, helping it pursue its strategy of seed investments in B2B software companies.

According to a press release from the company, LOVC focuses on companies based in emerging technology markets like the southeastern United States.

The fund will seek to conduct rounds sized between $3 million and $5 million, the statement said, with up to $2.5 million in upfront checks and plans to set aside additional capital for follow-on investments.

LOVC plans to invest in 15-20 companies from this fund and has already closed three of its first investments.

“We are grateful for the reception our thesis has received here at LOVC,” founding partner Mark Volchek said in the statement. “Our strategy has begun to prove itself with the strong performance of our Fund I portfolio, and we are pleased that our approach has resonated with our returning sponsors and new investors to this fund.

“We plan to double down on our existing strategy of taking focused leadership positions and working closely with exceptional B2B founders.”

In other fundraising news, PYMNTS wrote that Las Olas led a $5 million seed funding round in Leverage.ai, his third Fund II investment.

Read more: Mark Cuban, Las Olas Venture Capital invests in supply chain technology company

Leverage is a supply chain and logistics technology company that offers an artificial intelligence (AI)-based supplier relationship management platform. It would work on streamlining communication, collaboration, reporting, information, and other similar things.

It also works to automate and consolidate critical supply chain management functions, helping companies increase efficiency. The investment will give Leverage more room to drive product development with its engineering, marketing and sales teams.

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