An Austin-based VC firm just closed a large second fund to continue investing in early stage startups.
IFly.vc recently closed a $46 million second fund bringing the companies assets under management to more than $95 million, according to TechCrunch. The VC firm invests anywhere from $1 million to $5 million in technology-enabled businesses seeking early funding (such as a seed or Series A round).
Founded in 2016, iFly.vc aims to have a concentrated portfolio and provides hands-on assistance to entrepreneurs. So far, the VC firm has invested in 18 companies, including delivery grocery app Weee!, custom manufacturer Camp Six and gourmet food delivery startup Yummy Bazaar.
In mid-April, iFly.vc relocated its headquarters from San Francisco to Austin, according to a blog post by Han Shen, founder of iFly.vc.
“Companies, talents and capital have been migrating from California to other states for various reasons like tax, politics, cost of living, etc. The topic has been widely covered. Although the Bay Area will remain the top location for VCs and start-ups, iFly.vc must embrace the trend and engage founders outside the Bay Area proactively,” read the post.
Other Bay Area companies relocating or opening an office in Silicon Hills include Oracle and TripActions, among others.
