Nowadays album vc introduced its fourth fund, a $2 hundred million seed fund that follows album’s a hit seed funding formula. The company plans to make investments 1/2 of the fund into new projects and set aside the remaining half for observe-on investments. It is the most important fund album has ever raised and ten times (no longer consisting of inflation) the size of the organization’s first fund, a $20 million fund raised in 2014. The lehi-based totally task firm has emerge as well known for its small but astute crew of partners, john mayfield, sid krommenhoek, and diogo myrrha, whose investing careers were “born” in utah. They have been energetic participants in utah’s epic upward push of tech. Techbuzz profiled the album crew last november and touched on the company’s precise alchemy of fulfillment that blends humility, an immigrant angle ( thirds of the accomplice group are first-generation people), an indifference to ivy-league tiers, the inclusion of middle class pension budget partners in their finances, and excessive-contact funding style wherein each of the 3 companions is closely involved in investment decisions.
“this isn’t always a commoditization type commercial enterprise yet,” says krommenhoek. “we don’t assume it ever will be. Founders are human beings and human beings are unsuitable and crazy and delightful; there is something that just goes on between a vc and a founder that we think is in particular hard to replicate.”
one issue that album has replicated is its knack for funding unicorns. The crew at album boast a 7/7 hit rate of utah unicorns “earlier than they have horns,” as was these days illustrated in pitchbook.