Triangle investment firms have already inked millions in 2023 as they seek the next big opportunity.
Among them is Jurassic Capital, a Durham-based venture capital startup that is nearing the finish line when it comes to raising its inaugural growth fund. Jurassic Capital Growth Fund I added another $7.9 million to its coffers, increasing its haul to $28.3 million as of a securities filing Jan. 11.
Joe Colopy, who founded the investment firm after successfully exiting Durham-based Bronto Software, said the company, which has four startups in its portfolio, is planning more investments in 2023. He expects to deploy capital to four to five additional companies to close out the fund.
“It’s exciting to see something go from nothing to something,” Colopy said.
Jurassic is a completely different startup story than Bronto, which Colopy cofounded with Chaz Felix and sold for NetSuite for $200 million in 2015. In the early days of Bronto, he recalls struggling to scoop up its initial customers by day and “coding all night.”
“Early stage Bronto, I had nothing … now I have a lot more resources and expertise to bear,” Colopy said. “More importantly, I know a lot of people.”
Colopy’s plan is to lift up area startups – to create multiple new Brontos and further boost the region’s profile. “What I used to always say at Bronto is, how do we take good companies and make them great companies,” he said.
At Jurassic, it means fundraising – something Colopy didn’t have to do at Bronto, which did not raise outside capital. Colopy said that so far, the economic uncertainty and talk of a potential recession hasn’t hampered Jurassic's efforts. The firm primarily fundraises from wealthy individuals and family offices.
“We’re making long-term investments that take many years to play out, so the type of investors that we’re working with understand that,” he said.
Jurassic continues to hunt for new portfolio firms located in the Southeast, typically with at least $1 million in revenue and in areas such as B2B Software.
And it’s not alone in successfully closing on cash.
Funds that have closed on capital in recent weeks:
- FSC-QOF: The fund’s filing lists James Anthony, vice president of acquisitions at real estate investment and development firm APG Capital in Raleigh. And it shares APG Capital’s address. The vehicle, according to securities filings, has closed on $600,000 from two investors as of the Jan. 13 filing, but is capped at up to $50 million.
- Morgan Creek Private Opportunities LLC Series P- Lyres: A pooled investment fund that had closed $3.3 million from 23 investors as of the Jan. 13 filing. It’s likely tied to Lyre’s – a British beverage startup already in the Morgan Creek portfolio.
- Surface Water Holdings: The fund, which lists Plexus Capital veterans, including partner Alex Bean, operating partner Bob Miller, executive partner Dave Pullins, Vice President Ian Wooley and principal Barrett Bringer, had closed on $10.5 million as of its filing on Jan. 12.
- Harbright Ventures II: The fund closed on $850,000 from 5 investors, according to a disclosure filed Jan. 1. Harbright Ventures is an early-stage investment firm whose portfolio includes firms such as Chekhub.
- Perkins Fund: The fund added about $8.4 million, beefing up its coffer to about $30.5 million according to a disclosure dated Jan. 10. The fund is tied to Raleigh’s Oak Hill Ventures and has attracted 40 investors.
- Woodfield Strategic Land Partnership: The Raleigh fund out of Woodfield Investments closed on nearly $10 million from 28 investors Jan. 5. Woodfield typically invests in luxury apartment communities.
