Moderne Ventures closes its second fund of $200M

SaaS News - Moderne Ventures closes its second fund of $200M (source: SaaS Industry)
At a Glance

Moderne Ventures, an early-stage venture financing firm, has announced the closing of a $200M second fund, which was oversubscribed. Moderne Ventures invests in businesses with sales of $2M to $10M and makes initial payments of $4M to $7M.

Moderne Ventures, an early-stage venture capital, has closed an oversubscribed second fund of $200 million. AvalonBay Communities, Camden Property Trust, Greystar, JBG SMITH, Leading Real Estate Companies of the World, funds administered by Oaktree Capital Management, and Realogy are among the new and returning high-profile strategic partners in Moderne’s latest fund.

Constance Freedman, the founder and managing partner of Moderne Ventures, and a partner Liza Benson have amassed a network of over 700 professionals in the real estate, banking, insurance, and home services industries since 2015. The second fund will be infused into these industries. 

Industries like real estate are cyclical, so you don’t want to be beholden to one industry. If a company has that as its beachhead, but can expand into other industries, the bigger the market and bigger the returns for investors. We will also have a stronger fund as a result.

Constance Freedman, the founder and managing partner of Moderne Ventures

Moderne Ventures writes first payments ranging from $4 million to $7 million, and companies with $2 million to $10 million in revenue being its primary target. The majority of its investments are in late seed and early Series B companies. 

According to Ms. Freedman, the company has invested in over 100 firms so far, including five unicorns, three IPOs, and dozens of accretive fundraising events in the last year. ICON, Porch, Better Mortgage, Hippo Insurance, Homesnap (bought by Costar), MotoRefi, Super, EasyKnock, and Kaiyo are among the portfolio’s notable investments. Moderne Ventures has made seven investments for its new fund.

In addition to the fund, Moderne offers the Moderne Passport, an industry immersion program that connects entrepreneurs with a network of over 700 industry leaders and corporate partners who may benefit from their services. According to Freedman, approximately 80 firms are part of the initiative, and Moderne will “make substantial investments in about a third of them,” according to Freedman. A class is currently being held, and another will be held in seven to ten months.

The firm takes a hands-on approach to influencing a company’s growth, which includes a go-to-market strategy. Moderne hosts over 1,000 meetings between firms and their network every year, many of which evolve into pilot initiatives.

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