Former professional cyclist Lance Armstrong in new avatar as venture capitalist

July 16, 2019 | Venture Capital
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Next Ventures LP raises $24.5 million out of a planned $75 million VC fund

Lance Armstrong, along with California-resident Canadian Lionel Conacher, has embarked on a career as a venture capitalist through their firm Next Ventures LP.

Next Ventures is headquartered in Austin, Texas, where Armstrong, presently a resident of Aspen, Colorado, still has business ties.

Next raises $24.5 million

The newly-minted VC firm plans to finance startups in the late-seed and series A and B stages. The firm’s debut fund, which targeted $75 million, has managed to raise $24.5 million. It intends to invest on average $3 million each in about 25 ventures.

Prospective startups should be already reporting revenues and active in the sports, fitness, nutrition or wellness sectors.

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