One way venturesA venture capital firm that supports immigrant founders has closed its second fund for $ 57.5 million. Nearly three years later One Way announced its first fund, a $ 28 million investment vehicle.
The new fund allowed One Way to increase its check size from $ 500,000 to $ 1 million, giving them the ability to lead institutional seed rounds at a rapid clip, says founding partner Simeon Dukach. For now, the larger fund is equal to the amount invested in the debut fund, but it also indicates how The seed boom is flourishing, Forcing investors to recapitalize to remain competitive.
In a way it is one of the few venture capital firms with a clear focus on supporting immigrant founders. Another firm that helps immigrants and helps them stay in the country Unsolicited ventures, Which which The $ 20 million fund closed last in 2019.
Ducacht says the firm’s immigrant focus is the biggest competitive advantage in getting into deals. One Way states that it brings immigrant founders together in a community and speaks the same language (metaphor) suited to a new country, culture and environment. While COVID-19 has limited the opportunity to meet in person, the firm is experimenting with the concept Virtual headquarters And events to bring their portfolio companies together.
Dukach said that in a closed-door world such as venture capital, community and translation “we will almost always be mystified.”
“We have been able to come in competitive tours because we were treated like an angel who offers a lot of value, even when some part of the price really feels cool.”
Oneway investments include Brex, Classtag And Chipper device. its 48 portfolios The companies, two companies, do not have an immigrant co-founder. The generalist firm has placed stakes prominently in machine learning, fintech and edtech.
The atmosphere of immigration during the Trump administration, both from a rhetoric And policy perspective, Influenced in a way, albeit mildly, according to Duke. The firm has a venture partner in Montreal, Philip Kalaf, To hedge against possible policy moves.
To close a fund during an epidemic and election year, One Way closed nearly double the capital it had initially planned to raise, This year a parade of check-writing and cash.
“We had a few LPs until after the election,” said Ducache. Once Biden won, he was more comfortable investing.
In a way his team is expected to grow as it scores new capital. company Expanded to San Francisco As a partner by adding Eugene Malobrodzky from Boston as co-founder of a consumer privacy startup.
company, Similar to many venture capital firms, When it comes to the diversity of its decision-makers. Right now, all the companions of One Way are men. Plans to add firm Nadia asean, A former executive at Robinhood and a current executive at Trusted Health, as an enterprise partner, different from a general partner. The role of the enterprise partner needs to be signed off from a GP in order to make a decision or write a check. Other female members of the team include Annie Patak, A stage collaborator.
From a portfolio perspective, One Way has supported 10 women-founded or co-founded companies out of its 50 companies. Its portfolio includes 19 companies with minority co-founders and seven companies with Black or LatinX founders.
The ideal founder, according to Dukach, embodies the firm’s name in its strategy.
“Someone who went one way, bought a ticket without a company or any certainty, where they are going to end up without language or culture or network,” Duke said. “Someone who emerges through that?” It is just more predictable of future success. It is more predictive of being able to disrupt a large industry. “