A startup venture capital firm in the Triangle is launching its second fund.
Apex-based Front Porch Partners, which began with a $5 million Fund 1, has filed the paperwork for a vehicle called Front Porch Fund 2, LP. So far, the fund, which the firm confirms is targeted at $20 million, has yet to close on a single dollar, according to a securities filing.
Firm partner Joe Mancini declined to talk details, citing securities concerns, but the fund is not a surprise.
Earlier this year, Gregg Bordes, listed as a managing member in the latest filing, told Triangle Business Journal the firm was getting its “ducks in a row” for a second fund.
Front Porch aims to help accredited investors and family offices participate in venture capital by investing in funds and startups in the Southeast.
The firm is made up of longtime friends Bordes, Nikin Shah and Mancini, who met at business school at Duke University. All three left the Triangle after graduation, but found themselves returning to the region, one by one. And they found that they wanted to turn their shared passion for entrepreneurship into a business.
Front Porch started last year, building what Bordes calls a “best ideas” portfolio. The firm funnels money into seed-stage firms across industries in the Southeast, typically between $50,000 and $100,000 a pop.
The thesis remains the same with Fund 2. Fund 1, according to the company, has 14 fund partners and 25 direct investments.