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Eniac Ventures hasn’t gotten tired of mobile startups yet.
The seed-stage investment firm announced today that it has raised a new $12.9 million fund, dubbed Eniac II, to once again focus on mobile startups. With its first fund, which clocked in at just $1.6 million, Eniac claimed it was the first seed stage firm to only invest in mobile companies.
With the new fund, Eniac says it will invest between $200,000 to $300,000 in seed rounds, and it will also keep some money on-hand for follow-on investments. Since launching in 2010, Eniac has invested in 42 companies, six of which have already seen exits (including Fondu, which Airbnb acquired; and Meta Resolver, which Millennial Media acquired). Other investments include OnSwipe, Localytics, and LocalResponse.
Eniac also announced some of its first investments from the new fund, including the “video texting” app Glide; mobile ad retargeting company TapCommerce; and BioBeats, which promotes wellness through science, music, and technology.
Eniac was founded in New York City and now has an office in San Francisco. Its founders include Nihal Mehta, founder of LocalResponse; Hadley Harris, who previously served as the VP of marketing at Vlingo; Vic Singh, the CEO of Tracks; and Tim Young, a San Francisco-based investor and lawyer.
ENIAC Ventures is the first independent seed stage venture fund focused exclusively on the mobile software sector. ENIAC Ventures invests in high growth mobile startups identified through its extensive network of long established relat... read more »
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