Princeton University-aligned Fitz Gate Ventures has backed a total of 15 companies since 2015 and has secured one exit to date.
Venture capital firm Fitz Gate Ventures yesterday closed its second venture capital fund to invest mainly in Princeton University’s innovation ecosystem.
The company said it now had $25m under management but it was unclear whether this referred to the fund itself. A regulatory filing suggests the vehicle had targeted $30m.
Fitz Gate Ventures Fund II will typically supply $500,000 to early-stage Princeton companies, though, unlike its predecessor, it will also back select businesses not related to the university.
The fund will also make follow-on investments, and connect portfolio companies to later-stage investors, as well as experts and potential clients.
Fitz Gate Ventures has access to a network of Princeton alumni and faculty known as the Friends of Fitz network. It has backed 15 companies since it was founded in 2015, securing a single exit at cybersecurity developer Uplevel Security in May 2019.
The firm’s first $10m fund was announced in 2017 with contributions from undisclosed investors. Other Fitz Gate portfolio companies have included retail analytics software developer Nomad Go, personal finance service SmartAsset and social video contest platform Wit.
