St. Louis-based venture capital firm Cultivation Capital has raised more than $50 million for a new technology investment fund.
The firm has reported raising $54.8 million for its Cultivation Capital Tech Fund IV, according to a new filing with the U.S. Securities and Exchange Commission. The offering includes 62 investors, according to the filing.
Cultivation Capital declined to comment on the funding. Its Tech Fund IV is listed as having a total offering size of $100 million, with Cultivation Capital having reserved the right to increase the offering up to $125 million. The filing lists several of Cultivation Capital's executives as "directors" of the fund, including co-founders and general partners Brian Matthews and Cliff Holekamp. Other general partners listed in the filing include John True, Heather Wood, Barry Sandweiss, Timothy Stern and Paul Weber.
Founded in 2012, Cultivation Capital backs early stage companies in the software, life sciences, agriculture technology and geospatial technology sectors. It has invested in more than 150 companies since its launch.
Cultivation Capital’s portfolio has included multiple St. Louis-based companies who achieved exits in recent years, including food technology firm Benson Hill, which became a publicly traded company in 2021; agtech firm CoverCress, which in August 2022 had a majority stake acquired by Bayer AG; and text messaging startup Textel, which in January was acquired by local software firm Capacity. Other significant St. Louis startups in Cultivation Capital’s portfolio include financial technology firm FinLocker, life sciences company Geneoscopy and software firm Balto.
The disclosure of Cultivation’s funding for its Tech Fund IV follows a report that the amount of capital raised for venture funds plummeted in the first quarter to $11.7 billion, down from $170 billion in the prior quarter, according investment research firm Pitchbook.
