Because the tech business grows optimistic over thawing prospects for startup exits, one enterprise agency seems to be constructing a warfare chest of dry powder.
San Francisco-based Quiet Capital has raised $377 million towards a 3rd fund, in response to a submitting with the Securities and Alternate Fee final week. Quiet Capital’s founder, Lee Linden, didn’t reply to answer a request for remark, nor did a cellphone quantity listed on the submitting.
Whereas, true to its title, Quiet Capital has maintained a low profile, the agency has been an energetic early-stage tech backer since its founding in 2017, together with early investments in corporations such because the HR platform Rippling and the movie star studying platform MasterClass.
Linden is a former affiliate at enterprise large Kleiner Perkins in addition to the founding father of Karma, a gift-giving utility acquired by Fb in 2012. He labored because the social media platform’s head of commerce. Quiet Capital invests throughout quite a lot of sectors, together with AI, crypto, and healthcare.
Enterprise rebound
After a record-setting 2021, fundraising for international enterprise corporations has steadily ticked downward over the previous few years, with 2024 set to be one of many sector’s worst years in a decade. Income have additionally sunk, with enterprise corporations final yr returning their lowest quantity to traders since 2011, in response to the information supplier PitchBook.
Nonetheless, there have been glimmers of hope, together with an array of crypto corporations akin to Accolade and Hack VC elevating new funds, in addition to the nonetheless booming discipline of AI, which has attracted billions of VC {dollars}.
Quiet Capital’s new increase would signify one of many largest of the yr for early-stage funds, together with Forerunner Ventures’ announcement earlier this month of a $500 million fund.
In accordance with the SEC submitting, Quiet Capital has to date raised $377,992,500 towards the fund—titled Quiet Enterprise III—and commenced elevating in November 2022. It couldn’t be realized whether or not Quiet Capital is constant to boost capital for the car.
The Linden-led agency raised its earlier fund in 2021, with an SEC submitting itemizing practically $479 million raised towards a $500 million cap.
Final week, Quiet Capital led a $12 million seed spherical for Mach9, an AI-powered map-making software program firm. Different current investments included Normal Bots, a robotics automation agency, in addition to the Bot Firm, a unique robotics startup based by Kyle Vogt, the previous CEO of Cruise.
