Longtime New York-based seed investor Contour Venture Partners is making progress on its latest flagship fund.
According to the report, the company closed with $42 million raised from 64 donors for the Contour Venture Partners Fund V. Filing an application with the SEC from May 17. The company is is targeting $90 million for its fifth flagship fund and began raising funds last May, records show. According to a reports from December last yr.
Contour Venture partners declined to comment.
It’s been a difficult few years for enterprise capital funds looking to accumulate recent vehicles. Last yr, VCs, including: DCVC, Global Tiger AND Founders Fund, also lowered their fundraising expectations. Last yr, enterprise funding dropped by greater than 50% in comparison with the record yr of 2022, in response to PitchBook data.
Contour writes checks ranging from $500,000 to $1.5 million and prefers to steer rounds in seed and early-stage firms. The company focuses on sectors corresponding to SaaS, digital media and financial services and favors firms headquartered in New York or the Northeast.
While Contour is not equipped with a war chest of capital like some seed firms, it does have a track record of investing in solid firms.
The company was one of the first to ascertain out cloud-based analytics platform Datadog in 2011, which went public in 2019 at a valuation of $7.8 billion. In 2006, Contour backed financial lending platform OnDeck, which had struggled in recent years, but went public in 2014 at a valuation of $1.3 billion and saw a notable recovery.
Contour’s energetic portfolio includes product analytics platform Pendo, which has raised over $460 million in enterprise funding and was most recently valued at $2.6 billion. The company is also an investor in Movable Ink, a content personalization startup that raised nearly $100 million and was most recently valued at $1.3 billion.
The nearly 20-year-old company has raised greater than $370 million since its founding in 2005 across 4 flagship funds and three opportunity funds. The company is still led by its two founding partners, Matt Gorin and Bob Greene.