Upfront Ventures announced a new venture capital fund on Tuesday called Upfront V that is worth $280 million and targets early-stage technology investments.
Upfront Ventures, which is an investor in online-video companies Maker Studios, MiTú and Epoxy, will start investing in new firms early next year as part of its 3-year regular cycle. It has 5 full-time investment partners: Greg Bettinelli, Steven Dietz, Kara Nortman, Yves Sisteron and Mark Suster. Hamet Watt, co-founder of MoviePass, joined as a venture partner last year.
The firm puts about half of its investment dollars in its home market of Los Angeles, and distributes the other half nationally.
“L.A. is the third-largest tech market in the U.S., and now the fastest-growing,” said Suster in a statement. “Having been on the road talking to many LPs – it’s clear that others outside our region now see the momentum.”
Founding partner Sisteron added: “When I started the firm in 1996 there was no technology startup industry at all in L.A. To see this now become the major source of economic growth in our city over the past 20 years is spectacular.”