Gate Ventures today announced that it has raised $10 million for its first fund. Founded in July 2016, Fitz Gate Ventures invests in startups in which a Princeton alum, faculty member or student is either a founder or member of the senior management team, and to date it has invested in five early stage companies.
Michael Carvin, Princeton alumnus and CEO/Co-Founder of Fitz Gate portfolio company SmartAsset, commented: “I made room in the round for Fitz Gate Ventures because I loved the value proposition. Almost immediately, Fitz Gate’s “Friends of Fitz” added real value.”
Dan Porter, Princeton alumnus and founder of Fitz Gate portfolio company Overtime Sports, added: “When I was almost at the finish line on our series seed round, I had a couple of investors who couldn’t move fast enough. Fitz Gate jumped into action and introduced me to two top tier venture capital funds that co-invested with Fitz Gate in one week’s time. In addition, I am looking forward to Fitz Gate’s help in meeting alumni who are potential employees or strategic partners. These guys are plugged in at the highest levels because they know alumni everywhere. It really is powerful stuff.”
Daniel Powell, CEO of Fitz Gate portfolio company Optimal Dynamics which was founded by a Princeton Professor, said: “Within two weeks of investing, Fitz Gate had me and our team in front of one of the largest customers in the world, all through the Princeton network. It was a real testament to their business model.”
Source: Fitz Gate Ventures collects $10 mln for maiden fund – PE Hub