Texas-based LiveOak Venture Partners has upped the fundraising ante with its third flagship investment vehicle through an oversubscribed $210m final close.
LiveOak raised $109m to close its debut fund in 2014, and followed that with a $105m sophomore fundraise two years ago.
The firm said the above-hard-cap close represented the largest institutional Texas-focused, early-stage tech venture capital fund in more than a decade.
Since launch LiveOak has invested in close to 50 Texas-based businesses, including the now publicly-traded, $3bn-valued DISCO as well as startups including Digital Pharmacist, Eventus, Homeward, OJO Labs, Opcity, Osano and TrustRadius.
LiveOak has also actively invested in Dallas market leaders such as AmplifAI, Mavenir and Take Command Health.
LiveOak co-founder and partner Krishna Srinivasan said, “The success we have had to date is a strong validation that our entrepreneur-first approach and strategy of being active lead investors in early-stage Texas tech startups has been the right approach.
“With the explosion of momentum in the Texas entrepreneurial scene, we are poised to further capitalize on it and help create the next generation of leaders out of Texas in the years to come.”
Fund III will continue to target deals in Texas’ four largest tech hubs of Austin, Houston, Dallas and San Antonio.
Investments in the new fund will often begin in the first institutional rounds with initial investment of $1m to $5m, scaling up to $15m over the full lifecycle of the company.
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