Cendana has raised a $30 million ‘fund of funds’ for VCs managing $15 million or less
Cendana Capital, a San Francisco-based fund of funds manager, has amassed stakes in more than 100 venture firms since launching in 2010. For the most part, it did this by focusing on managers who are raising funds of $100 million or less in capital, even foregoing stakes in beloved outfits like Forerunner Ventures and IA Ventures as their assets under management ballooned well beyond that amount.
Yet as the market changed, Cendana founder Michael Kim began to play with that formula. Last spring, for example, when he closed on $278 million in new capital commitments, he said he planned to invest in the seed-stage managers he has always backed, but that he planned to funnel a small amount of capital to pre-seed managers raising $50 million or less, as well as to invest in a sprinkling of international managers.
Gowalla raises $4 million from GV and Spark for its AR social app
The newly resurrected Gowalla wants to realize its mobile dreams from the early-aughts in an augmented reality world, and they’ve raised some new funding to make it happen.
The AR startup tells TechCrunch that it has raised $4 million in seed funding co-led by Google’s venture arm GV and Spark Capital. Other investors include Niantic, Upside Partnership, Otherwise Fund, Capital Factory, Form Capital and a host of angels like April Underwood, Leah Culver, Jason Calacanis, John Lilly, Scott Belsky, Dennis Crowley, and Dave and Brit Morin at Offline Ventures.