Powered by SaaS Industry
At a Glance
Pillar VC has announced the close of $192M for two of its funds – $169M for Pillar III, its third fund and $23M for Pillar Select. The venture capital firm would typically make pre-seed investments ranging between $50–500K and seed round investments worth $2M to $6M.
Venture Capital firm Pillar VC investing in seed-stage companies in Boston and supporting founders, has recently closed $192 million in capital for its latest venture funds, Pillar III and Pillar Select, it said in an official announcement.
Of the $192 million, Pillar III and Pillar Select closed $169 million and $23 million, respectively. The VC firm stated that it would continue investing in technology and enterprises such as SaaS, AI, machine learning, fintech, hardware and others, and added that the fresh capital raised for Pillar III would help it accelerate its mission to build what it calls the future “pillars” of the economy.
Pillar VC aims to make pre-seed investments between $50–500K and seed round investments of $2–6 million in companies, leading the round and serving on the companies’ Board. The VC firm also stated that it would expand its focus on biology, dedicating up to 30 percent of the fund to the coming convergence of life science and technology.
In Pillar Fund I and II, Pillar VC stated that it had made several investments combining bio with engineering, doubling down on backing new generation founders who used computation and engineering to develop breakthroughs in numerous areas like agtech, genius circuits and gene therapy. Pillar VC, using this third fund would again invest significantly in seed and pre-seed life sciences.
Pillar VC enunciated that of the fifty companies it backed through our first two funds — Pillar I at $57 million and Pillar II at $100 million, six are new Boston pillars. They include – Algorand, Desktop Metal, PillPack, Circle, PathAI, and one unannounced – and it plans to expand this list over time.
We are delighted to continue doing what we love most each day, which is finding ambitious founders and throwing our full support behind them,Mr. Russ Wilcox, partner at Pillar VC