London-based podcaster-turned-VC Harry Stebbings announced today his third fund totaling $400m, which will be split between $125m for seed investments and $275m for Series A cheques into tech companies. The fund is a big step up in size from his last pair of funds raised in 2021, at $140m.
Stebbings, who left his previous firm Stride in 2021 to focus on 20VC, has backed the likes of social app BeReal, AI model startup Poolside, and equity management platform Ledgy.
The new $400m fund is backed by existing institutional LPs including the investment company of Massachusetts Institute of Technology (MIT) and RIT Capital Partners, as well as some 40 tech entrepreneurs, including founders from Canva, Atlassian, Deliveroo, UiPath, Spotify, and Vinted. GPs from firms including Benchmark, Coatue, Founders Fund, Khosla Ventures, and Accel also wrote cheques. Thrive Capital’s Josh Kushner also invested.
Stebbings has grown the firm to help spend that $400m: as Sifted reported earlier this year, Stebbings brought on former Eurazeo investor Alexandre Dewez, who left at the end of August, as a partner. 20VC also confirmed that former DST Global principal Paul Bonnet joined the new fund as general partner. Kieran Hill has also been a seed partner at 20VC since 2021.
The firm also has three sub-funds, which specialise in sales, growth and product run by operators and professionals in those fields to source deals.
Stebbings’s podcast of the same name, 20VC, now has over 150m downloads, according to the firm.
Read the orginal article: https://sifted.eu/articles/harry-stebbings-third-fund-400-news/
