Michigan-based venture capital firm Plymouth Ventures has secured commitments of $31.6m for its third fund, which is targeting $80m.
Plymouth Venture Partners III has been backed by 23 LPs, according to a document filed with the US Securities and Exchange Commission.
The fund follows Plymouth’s $41m second vehicle, was held its final close in September 2011, beating its target of $30m.
The second fund has made nine investments with plans to make a further two platform investments.
Plymouth invests in B2B or service businesses that involve technology with strong IP or other barriers to entry.
It targets businesses with revenues of over $1m with a plan to achieve positive cash flows within six to 12 months.
Similar-sized funds currently in the market include Fisher Lynch Capital’s recently launched third vehicle.
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