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Collaborative Fund raises $33m for second vehicle

27 Feb 2014

new york 7_sqNew York-based investment firm Collaborative Fund has secured $33m for its second venture capital vehicle.

Former Sequoia Capital general partner Tom McMurray and graffiti artist Shepard Fairey have invested in the fund, the firm said in a blog post.

Collaborative founder and CEO Craig Shapiro said, “One of the things I am most proud of is the fact that our original investors were the driving force behind this second fund. Their belief in our mission and thesis has provided a sturdy foundation for Collaborative Fund to build on for many years to come.

Last year AltAssets reported that Collaborative Fund II had raised nearly $23.8m and was at that tie targeting $25m.

“It is not often that venture capital funds talk about where their capital comes from. In our case however, we think it is an essential ingredient to who we are as a team and where we are headed as an organization. Our Limited Partners provide a sense of origin and purpose.”

Collaborative also said that it has hired entrepreneur Jungju Kim as a venture partner.

Kim ids the founder of game publisher and developer Nexon Corp and an investor in Collaborative.

He will be based in the firm’s New York office, evaluating new investment opportunities and providing support to existing portfolio companies.

Shapiro launched his first $6m seed fund in 2011 with the help of YouTube founder Chad Hurley and Media Labs founder Nicholas Negroponte.

That fund was focused on businesses which support a “cultural shift away from excess, hyper-consumption, and ownership, and toward access, sharing, and efficiency” such as car sharing companies.

Collaborative’s current portfolio companies include free coding classes provider Codecademy, learning website Skillshare, factory sourcing business Maker’s Row and online banking startup Simple.com.

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