The original venture capital investor in one of Nashville's few "unicorn" startups has banked $128 million in its latest round, eclipsing its target for that fund.
Green Hills-based Mountain Group Partners announced the closing of its new fund at the end of June. It's the third fund for the 20-year-old firm.
Most of the company's investments are in early-stage companies based outside of Nashville. That said, Mountain Group backed Bill Frist's Aspire Health, as well as solar power business Silicon Ranch Corp. — which attained a "unicorn" billion-dollar valuation in 2020 and followed that by raising $775 million at the end of 2021. Mountain Group was Silicon Ranch's first outside investor and remains an investor today.
Mountain Group already has made five investments from its new fund, including in Silicon Ranch. Mountain Group also co-led a $35 million Series C round for North Carolina-based Targan, which focuses on animal science, and San Diego-based Mindera Health, which focuses on dermatological diseases.
