11 Tribes Ventures is looking for the most resilient founders in which to invest.
The Chicago-based, early-stage venture fund, which launched its first fund in 2021, is getting ready to start its newest fund. After raising $11 million in its first fund, 11 Tribes is targeting a bigger fund at $40 million.
The $40 million would be used to invest in an estimated 35 tech companies across several industries with an average investment of $500,000, according to the company's website.
The first fund invested in 28 portfolio companies with an initial check of $200,000 to $300,000 for seed rounds and $500,000 for Series A rounds.
11 Tribes is bumping that up for Fund II to $300,000 to $500,000 for seed funding and $500,000 to $750,000 for Series A, though it is looking to do the majority of its business in the seed stage
The fund wants to be "radical" in its approach of allocating resources to support founder well-being and what it calls "founder resilience," directing capital toward founders' mental, emotional and spiritual health. On top of the cash investment, the fund provides founders with 2% of its invested capital to be used toward therapy, life- and career-coaching, among other therapy resources.
It hopes to be among the first institutional capital that an entrepreneur receives and is seeking to invest at the seed stage into companies with an average valuation cap of $8 million.
The venture fund saw a 2.4 multiple on invested capital across its first fund.
11 Tribes recently invested in New York-based intelligence platform Native AI, which enables brands to improve their product and customer experience through generative AI-powered consumer research.
