Dreamit Ventures is raising $75 million for its latest investment fund, federal documents show.
The backer of early-stage health care and security technology firms has already raised $15.55 million toward the fund, according to a recent Form D filing with the U.S. Securities and Exchange Commission.
Dreamit Fund IV L.P. currently has 15 investors, the document shows. The offering is expected to closed within a year.
Dreamit officials declined to comment on the fund.
Headquartered in Philadelphia and New York, the venture capital accelerator has worked with over 320 startups since launching in 2007, according to its website. Significant exits include Houseparty, which Epic Games bought, and LevelUp, purchased by Grubhub for $390 million in 2018.
Dreamit typically targets startups with revenue or products ready to scale. Among its efforts to help foster portfolio companies, Dreamit sponsors "sprints" — two-week programs offering startups the chance to meet with potential investors and work through ideas with senior executives.
Customer Sprints take place quarterly, while Investor Sprints occur three times per year. Dreamit's next deadline to apply for sprints is Aug. 10.
One of Philadelphia's most recognizable venture firms, Dreamit's recent local investments include CareAlign, a task management system for health care providers that raised $2.3 million late last year which included participation from Dreamit.
