Venture capital firm Maveron, which has offices in Seattle and San Francisco, has closed a $225 million fund.
The new fund, announced Tuesday, is Maveron's eighth. The consumer-focused firm has a track record of backing big-name companies, including past investments in Allbirds, eBay and Zulily.
"As we reflect back on the last 24 years of our investment history, we have seen many new technologies come to market," the firm wrote in a blog post announcing the news. "We’ve seen many downturns and bubbles, and we see a world today where consumers (rightfully) demand better."
Dan Levitan, partner at Maveron, co-founded the firm in 1998 with longtime Starbucks CEO, and current interim CEO, Howard Schultz. According to Maveron, the firm invests in between six and eight companies each year.
Along with the news about the new fund, Maveron announced Tuesday that Natalie Dillon has been promoted to partner after joining the firm four years ago. The company said she has worked with entrepreneurs at Daring Foods, Parade and Dolls Kill.
Jerry Lu, meanwhile, has been named principal at the firm, while Grace Chou will join as a partner on the new fund.
Maveron is a certified B corporation, a designation given to for-profit companies that meet certain criteria for doing social or environmental good. In its blog post announcing the new fund, Maveron said it takes a board seat at its portfolio companies. Other investments the firm has made include Flywire, Imperfect Foods and Pinkberry.
"Over the last two decades, we witnessed the evolution of the internet, mobile devices, social graphs, e-commerce, and just how powerful technology can be in shaping behavior and our zeitgeist," the company wrote in the blog post. "The best businesses emerge in times of upheaval. At Maveron we cannot wait to continue to back the dreamers and visionaries who work tirelessly to change the fabric of our society."
