SOS Ventures closes third global VC fund at $150m
Early-stage investor SOS Ventures – known for accelerator programs such as China-based HAX and Chinaccelerator – has closed its third global VC fund at $150 million.
The firm - which recently rebranded as SOSV - received contributions from 65 LPs including the International Finance Corporation, foundations such as the Lemelson Foundation and the Russell Family Foundation, family offices and multinational corporations. Technology executives and the founders of companies previously backed by SOSV also committed capital to the new vehicle.
Hardware-focused HAX, which has locations in Shenzhen and San Francisco, and Shanghai-based Chinaccelerator, are two of seven accelerators run by SOSV globally. The others are: MOX, a Taipei operation that targets cross-border internet and mobile opportunities, much like Chinaccelerator; life sciences accelerators IndieBio and RebelBio in San Francisco and Ireland; and New York-based FOOD-X and URBAN-X, which focus on disruptive food and intelligent cities, respectively.
Until 2015, these businesses were maintained using internal capital, but the new fund is intended to supplement that. It will also provide follow-on funding to companies that come out of these accelerators, as has been the case with previous funds. SOSV's total assets under management now stand at $300 million.
"Since 2010, we've provided follow-on funding to those companies who develop significant traction and financing support," Sean O'Sullivan, SOSV's managing partner, said in a statement. "It's a proven model... giving us both extraordinary quality and incredible deal flow."
Founded in 1995, the firm claims to be the world's third largest seed investor by volume, backing more than 150 start-ups every year through its accelerators. Each accelerator takes a small stake in a start-up and provides a framework and community intended to help the entrepreneur get further and faster than they could on their own. A network of third-party venture capital firms commit another $200 million in follow-on funding to SOSV start-ups annually.
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