Venture capital firm Uncork Capital, formerly known as SoftTech VC, raised $100 million for its sixth early-stage fund and $100 million for an opportunity fund, TechCrunch reported, citing an interview with founder Jeff Clavier.
The firm, which is writing checks of $750,000 to $2 million, will use the latest funds to invest in approximately 35 companies across three years, with a view to acquiring 10% ownership on average, and up to 12% of a portfolio company when it is the lead investor, Clavier said.
Half of the funds will be allocated to startups that sell cloud software to businesses, he added. About 10% of the funds will be focused on the consumer sector, roughly 10% in hardware, approximately 10% in marketplaces, and 20% in so-called frontier technology, the report noted.
