Durham-based Idea Fund Partners is doubling the stakes with its fourth fund.
The investment firm on Thursday filed papers with the U.S. Securities and Exchange Commission for what it’s calling IDEA Fund IV. While zero dollars have been closed so far, the filing puts the fund’s target at $50 million – double the amount of the company's Fund III.
Managing Partner John Cambier declined to comment on plans for the new fund.
The vehicle follows Fund III, which closed in 2020 at $25 million.
Idea Fund Partners was founded in 2007 and, according to its website, has accumulated 44 portfolio companies and $60 million in assets under management. The firm targets early-stage investments in under-served geographies, including the Triangle.
Over the years, the firm has become one of the region’s most prolific investors. Its portfolio includes high-profile area startups such as Raleigh-based Pendo, which is currently building out its team from its new downtown Raleigh headquarters, and Get Spiffy, an on-demand car care startup founded in Research Triangle Park. The investment firm has a history of successes, including its investment in iContact, bought out by Vocus in 2012 for $169 million – one of the region’s largest exits at the time. Automated Insights, another portfolio firm, was bought out by Vista in 2015. And just last year its portfolio firm Finmark was acquired by BILL (NYSE: BILL).
Not all of Idea Fund's startups have meant returns for investors, however. Mati Energy, for example, was an energy drink startup founded out of a Duke University dorm room that ceased operation in 2020. And social media marketing startup Argyle Social permanently shuttered in 2014.