Key Takeaways
- • Bison Ventures closed a second fund of $160 million to back early-stage frontier technology companies, according to The Wall Street Journal.
- • The San Francisco-based firm plans to invest in 15 to 18 companies from the new fund.
- • Bison has already made five investments out of its second fund, per co-founder Tom Biegala.
- • The inaugural fund was $135 million, raised in 2022, meaning the sophomore fund is roughly 19% larger.
- • Co-founders Tom Biegala and Ben Hemani previously worked together at Cascade Asset Management, which invests on behalf of the Gates Foundation and Gates family members.
Summary
Bison Ventures has raised its second fund, a $160 million vehicle, according to The Wall Street Journal. The San Francisco-based venture firm intends to use its investing team's technical expertise to identify and back promising early-stage frontier technology companies. The fund is expected to support between 15 and 18 companies.
The raise follows Bison's inaugural $135 million fund, which closed in 2022. The second fund's size represents an increase of roughly 19% over the first vehicle. Bison has already deployed capital into five investments from the new fund, said Tom Biegala, who founded the firm with Ben Hemani in 2021.
Biegala and Hemani previously worked together as venture investors at Cascade Asset Management Co., the firm that invests on behalf of Bill Gates's Gates Foundation and Gates family members. The WSJ report did not disclose additional details on the fund's limited partners, target sectors beyond frontier technology, or check sizes.
The raise follows Bison's inaugural $135 million fund, which closed in 2022. The second fund's size represents an increase of roughly 19% over the first vehicle. Bison has already deployed capital into five investments from the new fund, said Tom Biegala, who founded the firm with Ben Hemani in 2021.
Biegala and Hemani previously worked together as venture investors at Cascade Asset Management Co., the firm that invests on behalf of Bill Gates's Gates Foundation and Gates family members. The WSJ report did not disclose additional details on the fund's limited partners, target sectors beyond frontier technology, or check sizes.
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