According to a new filing with the US Securities and Exchange Commission, venture capital firm Homebrew is looking to raise $50 million for a new fund.
The filing comes as a surprise given that Homebrew announced over two years ago that it was pursuing a more stage-agnostic evergreen model supported primarily by Satya Patel and Hunter Walk, Homebrew’s general partners. However, many organizations raise multiple funds at the same time to target certain possibilities; for example, some early-stage enterprises establish a second, opportunity-focused fund in addition to their main vehicle.
Total Bulletin reached out to Walk for comment on the new filing, but he claimed he couldn’t say anything publicly at the moment. According to an anonymous source, Homebrew has been using SPVs to issue pro-rata checks on select follow-on investments, but is now looking to raise funds for this purpose.
The San Francisco-based firm, which has generally concentrated on seed-stage financing, has made over 200 investments since its establishment in 2013. It has backed Winnie, Finix, Concentric AI, Mercury, and Plaid, among others. Homebrew has seen the exit of at least three dozen portfolio firms, including Cruise, Weave, and Cheddar.
Most recently, it led a $12 million Series A financing for Slang.ai, a platform that automatically answers phones for restaurants, stores, and other brick-and-mortar businesses.
In March 2022, Homebrew announced that it would have an open-ended fund structure with no end date.
