St. Louis-based venture capital firm Lagomaj Capital announced Feb. 4 plans to open a new office in Austin.
The firm, which was founded in 2017 and invests in everything from agriculture to software and media, said it has more than doubled the size of its portfolio to more than 30 startups in the past year. One of the most recent was participating in a $5.6 million series A for Boulder-based Brandzooka in October.
While the firm doesn't have any Austin startups in its current portfolio, it is evaluating several deals here, founder and Managing Director Felix Williams said. The firm typically makes early-stage investments of $250,000 to $2.5 million, he said.
The firm has made wide-ranging investments, both with equity and debt, in companies including small biotech startups and giants including SpaceX and Rivian.
"We're extremely, extremely opportunistic," Williams said.
The firm is hiring for five positions currently, and Williams, who has previously held roles with California-based Four Palms Ventures, Mark IV Capital and Sway Ventures, said he plans to split his time between Austin and St. Louis for the next year or so. Williams said he is working with McAllister and Associates to secure a downtown Austin office.
"In Austin, we see tremendous opportunities. You have a diverse mix of startups, and they're already making it a vibrant market. And it's something we want to be a part of," he said. "The city is young, it's hungry. It's hungry to prove it can compete against Silicon Valley. And, we're the same as a firm."
Williams, who is 22 years old, will graduate from Northwestern University later this year and attend Stanford Graduate School of Business next fall. He founded his own firm after a high school internship at St. Louis-based iSelect Fund introduced him to the industry, the St. Louis Business Journal reported last year.
The firm's name comes from a lake house near St. Louis that he describes as a perfect getaway. The house was called Lago, the Italian word for lake. And the "maj" is a combination of his nickname, Max, as well as his sister's name, Alexis, and his brother's name, Jackson. His siblings aren't involved in the business. Williams declined to disclose his assets under management but told SLBJ last year they have grown at a rate of about 2.8 times annually. His funding, at the time, came from a group of high-net worth individuals in the St. Louis area.
"Venture as an industry is generally an older man's game," Williams said. "So in Lagomaj, we make an effort to bring that youth perspective to every deal we participate in."
