Already a subscriber?Agriculture technology-focused venture capital firm Tenacious Ventures has overcome multiple delays and a need to scale back its cash-raising goal to win the backing of several high-profile investors, and hit $18 million for its second fund.
Tenacious’ announcement shows how hard the market has become for smaller venture capital firms to raise fresh funds, but also that it is still possible with fortitude and a distinct pitch.challenges of raising money“The journey is always up and down, like building any business, like any fundraising journey, but we always had a lot of conviction that we would get there,” Ms Nolet said.
But, the milestone can still provide a momentum boost and a chance for a fund’s backers to explain their decision to contribute cash.Ms Schwartz, an entrepreneur and part of Melbourne’s prominent Besen family, said she was excited by Tenacious’ investment thesis, deal pipeline and diverse leadership team. Unlike some investors, Ms Schwartz said she did not put her money into the biggest funds that were mostly run by men.