Well-known Chicago VC Paul Lee has rebranded Roniin, the venture capital firm he founded one year ago, and today unveiled Builders, a $200 million fund Lee has launched with Formation 8 Co-Founder Jim Kim.
Builders will have offices in Chicago and San Francisco, and it plans to write checks between $3 million and $10 million, according to Tech Crunch. Roniin, which launched as a startup studio to pair first-time CEOs with veteran entrepreneurs, is being rebranded to Builders Studios and will work with the startups that Builders funds, Lee told TC. Builders is looking to raise $200 million, according to an SEC filing.
Lee launched Roniin with co-founders Arman Ghosh, Ryan Jeffery and Kathryn Saluke. Saluke has the title of Operating Partner at Builders, but Ghosh and Jeffery are not listed on the group's website. Lee, who prior to launching Roniin was general partner at Lightbank, did not immediately respond to a request for comment.
Roniin launched a handful of companies since it was founded, including Chicago-based office cleaning and management startup OfficeLuv, and New York-based Attendant, a startup that offers funeral and other death-related services.
Kim founded San Fransisco VC firm Formation 8 in 2011. The firm disbanded last year after deciding it would not be raising a third fund. Formation 8 led Roniin's $3 million funding round last year.
Lee told TC that Builders doesn't have a specific sector it's targeting for investments, noting that the fund is "thesis driven, meaning we’re not looking purely for science experiments but rather the application of fantastic technologies in antiquated markets combined with ruthless execution by founders."
