Because the tech trade grows optimistic over thawing prospects for startup exits, one enterprise agency seems to be constructing a struggle chest of dry powder.
San Francisco-based Quiet Capital has raised $377 million towards a 3rd fund, in accordance with a submitting with the Securities and Change Fee final week. Quiet Capital’s founder, Lee Linden, didn’t reply to reply to a request for remark, nor did a telephone quantity listed on the submitting.
Whereas, true to its title, Quiet Capital has maintained a low profile, the agency has been an lively early-stage tech backer since its founding in 2017, together with early investments in corporations such because the HR platform Rippling and the superstar studying platform MasterClass.
Linden is a former affiliate at enterprise large Kleiner Perkins in addition to the founding father of Karma, a gift-giving utility acquired by Fb in 2012. He labored because the social media platform’s head of commerce. Quiet Capital invests throughout a wide range of sectors, together with AI, crypto, and healthcare.
Enterprise rebound
After a record-setting 2021, fundraising for international enterprise companies has steadily ticked downward over the previous few years, with 2024 set to be one of many sector’s worst years in a decade. Earnings have additionally sunk, with enterprise companies final 12 months returning their lowest quantity to buyers since 2011, in accordance with the info supplier PitchBook.
Nonetheless, there have been glimmers of hope, together with an array of crypto companies similar to Accolade and Hack VC elevating new funds, in addition to the nonetheless booming subject of AI, which has attracted billions of VC {dollars}.
Quiet Capital’s new increase would symbolize one of many largest of the 12 months for early-stage funds, together with Forerunner Ventures’ announcement earlier this month of a $500 million fund.
In keeping with the SEC submitting, Quiet Capital has thus far raised $377,992,500 towards the fund—titled Quiet Enterprise III—and started elevating in November 2022. It couldn’t be realized whether or not Quiet Capital is constant to boost capital for the car.
The Linden-led agency raised its earlier fund in 2021, with an SEC submitting itemizing almost $479 million raised towards a $500 million cap.
Final week, Quiet Capital led a $12 million seed spherical for Mach9, an AI-powered map-making software program firm. Different current investments included Commonplace Bots, a robotics automation agency, in addition to the Bot Firm, a special robotics startup based by Kyle Vogt, the previous CEO of Cruise.
