Oct. 20, 2021
Service Provider Capital recently closed Fund II. The fund brings together service providers from across the region to join in on larger VC-backed investment rounds. The fund is “nomenclature agnostic” and will join rounds that are at least $1 million.
Atlanta partner Doug Spear and Ned Hill, managing director at Signature Bank’s Venture Banking Group, got Fund I off the ground several years ago in Atlanta.
Fund I backed 65 startups across the Southeast, including Voxie, Vennfi (Charityvest), Stord, Greenlight, Kobiton, PadSplit, Relay Payments, and Car360 (acquired by Carvana).
“One thing we figured out in Fund I — that’s even more true now — is that we have this pool of money and that’s great. But that alone is not enough to get us into deals. We have to add value…because the good deals are oversubscribed. And those are the deals we want to get into. In order for us to do that, we have to add value, whether it’s because one of our LPs has a particular connection or one of us as the GPs does.”
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