MIT spinoff The Engine has set its sights on raising a new fund that would weigh in at more than $100 million greater than its last round of capital.
The fund, called “Engine Fund III, L.P.” in a filing yesterday with the Securities and Exchange Commission, has a goal total offering of $350 million. The first sale has yet to occur.
The early-stage venture capital firm first raised a $200 million venture fund in 2017, which funded about 27 investments in companies like Harvard University spinoff Zapata Computing. Then in 2020, The Engine announced it had raised $230 million toward its second fund. MIT was a limited partner in The Engine’s first two funds, contributing $25 million and $35 million respectively.
A spokesperson for The Engine declined to comment on the fundraising.
The firm invests in what are known as “tough tech” startups. These companies are turning science and engineering research into emerging businesses. But, these startups face more barriers to survive and grow than your typical software company, including greater space, equipment and funding needs.
Some of The Engine’s portfolio companies include Sublime Systems, a cement decarbonization startup, and Mori, which is using protein found in silk to create protective layers that keep food fresher for longer.
Beyond funding, the Cambridge-based venture capital firm also supports startups through its spaces, infrastructure and programming.
Last September, The Engine celebrated the opening of its new Cambridge headquarters, which includes biology labs, chemistry labs, a 3D printing lab, a machine shop, an optics lab and an electronics room, among other specialized workspaces. The headquarters is located at 750 Main St. and has space for 80-100 companies.
The Engine also has a 30,000-square-foot lab, office and industrial space at 501 Massachusetts Ave. in Cambridge.
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