AI-Focused VC Firm’s 3rd Fund Raises $450M Despite COVID
Sign up for our California newsletter
You must correct or enter the following before you can sign up:
Law360 (June 9, 2020, 7:19 PM EDT) — Silicon Valley-focused Wing Venture Capital, whose early investment targets recently caught the eyes of heavyweights such as Cisco and Verizon, said Tuesday that its third fund had raised $450 million, even as the global coronavirus pandemic pushed talks with investors to occur via video chat.
The Palo Alto, California-based firm said money from the Wings Three fund would go toward early-stage seed and Series A financing of innovative technology enterprises.
“Times like these are when many of the best companies are formed,” Peter Wagner, a founding partner of Wing, said in a statement. “Founders of true grit step forward to build companies in a less-cluttered market with a keen focus on execution. We look forward to supporting entrepreneurs of this caliber and character with the resources of Wing Three.”
Wing launched in 2013 to support “modern enterprise” companies whose workplaces rely on data and are powered by artificial intelligence, according to the statement.
Its current investing partners hail from some of venture capital’s most well-known firms, including former Sequoia Capital partner Aaref Hilaly and former Accel partner Jake Flomenberg.
Wing said it’s built to thrive during tumultuous times, as three of its investing partners worked in venture capital or headed their own companies during the 2000 dot-com crash and the 2008 financial crisis.
Its current portfolio includes data storage startup Snowflake, data management outfit Cohesity and sales software company Gong, among others.
The firm also boasted that several other companies in which it invested early on have been successfully acquired this year and in 2019, such as network software business ThousandEyes, which was purchased by Cisco; videoconferencing service BlueJeans Network, bought by Verizon; and computer software enterprise Cumulus Network, scooped up by Nvidia.
Gaurav Garg, another Wing founding partner, said in the statement that the firm’s purpose was to be the best possible partner to company founders that share its ambition.
“With every investment we make, we aim to help build an enduring company that can create its category and change the technology landscape,” Garg said.
–Editing by Philip Shea.
For a reprint of this article, please contact email@example.com.