Venture Capital: Mercury’s Fund V Mops Up $160M For US Startups “Between The Coasts”

September 29, 2023 | News, Venture Capital

Mercury Fund V is the firm’s largest to date and was oversubscribed, exceeding its initial target of $150 million.

Mercury Fund, the premier early-stage venture firm with a focus on non-coastal tech hubs, has successfully closed its largest fund to date, Mercury Fund V, with a total capital commitment of $160 million. This achievement exceeded the initial target of $150 million, showcasing the strong support from both existing and new investors, which include university endowments, foundations, and family offices primarily based in the central U.S. region.

Fund V continues Mercury’s successful investment strategy of backing founders with unique expertise who are developing transformative SaaS and Data platforms in smaller tech markets (a so-called “Middle America” approach). Recognizing that these regions lack the robust startup ecosystems of coastal areas, Mercury adopts an operationally-focused approach. It brings portfolio companies onto its platform, providing them with the necessary resources to attain rapid and sustainable growth. (Businesswire)

Since its inception in 2013, Mercury has contributed to the creation of more than $9 billion in enterprise value across its portfolio of 50-plus and spanning multiple economic cycles.

Blair Garrou, co-Founder and Managing Director of Mercury Fund, said the investors’ support pointed to the promising innovation opportunities in cities across America.

Fund V has already made notable investments in companies like RepeatMD, Polco, MSPbots, and Brassica, spanning various sectors from patient engagement to financial infrastructure technology.

According to Garrou, there has been a significant migration of talent, wealth, and knowledge to non-coastal venture markets in recent years, which has spurred the growth of exceptional new companies and technology. Mercury, as one of the first venture capital firms to recognize the potential of these regions, remains committed to sourcing opportunities and supporting founders in these thriving cities.

Related Story:  Sweater Launches Platform To Boost Inclusivity In Venture Investing

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