Texas is busting at the seams with new startups and a growing pool of tech talent. And today, those Texans have another firm to pitch when raising money.
Austin, Texas-based venture firm LiveOak Venture Partners closed a new $109 million investment fund today. The firm said the new fund makes sense because it’ll take advantage of the state’s prominence as one of the largest areas for tech employment and new innovation in the country. (As an Austin resident, I can say that I’m constantly surprised by the number of startups operating in my backyard I hadn’t realized were there.)
The firm also said the startups in Texas are “capital-starved,” citing that total investments in Texas came in at $1.3 billion last year, compared to the $12.2 billion in total investments from Silicon Valley alone.
LiveOak said it plans to invest in about 15 early-stage companies focused on mostly IT and enterprise services. The firm’s portfolio — which includes Written, StepOne, Disco, and others — consists largely of companies based in Texas. LiveOak has seen six exits to date from its investments.
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