Voyager Capital is in the process of securing funds for yet another investment fund aimed at supporting early-stage business-to-business startups situated in the Pacific Northwest.
This latest development comes to light through a recently filed document with the SEC, marking this as Voyager’s sixth fund since its inception 25 years ago.
Diane Fraiman, the Managing Director at Voyager, confirmed this news following an inquiry from GeekWire. The goal for this sixth fund is to amass $100 million, with a “hard cap” set at $125 million, according to Fraiman.
Notably, Voyager had previously raised $100 million for its fifth fund back in 2019, following an earlier $50 million fund in 2013.
Established in 1997, Voyager has provided support to over 75 companies within the Pacific Northwest, accumulating assets under management exceeding $520 million.
With offices in Seattle and Portland, Voyager concentrates its investments in startups hailing from Washington, Oregon, British Columbia, and Alberta. These startups primarily focus on developing software-as-a-service, cloud infrastructure, artificial intelligence, and machine learning-related products and services.
Some of the companies currently within Voyager’s portfolio include Carbon Robotics, Treasury4, WellSaid Labs, Hiya, Syndio, among others. Notable exits include Zipwhip, acquired by Twilio in 2021, and Yapta, acquired by Coupa Software in 2020.
The venture capital landscape has faced challenges recently due to higher interest rates and a tech market slowdown. PitchBook reported a total of $33.3 billion raised across 233 venture funds in the first half of the year, compared to over $167 billion raised in 2022.
During a panel discussion in downtown Seattle earlier this summer, Bill McAleer, Managing Director at Voyager Capital, offered insights into factors he believes will rejuvenate the venture capital market. These factors include tech professionals laid off from larger companies seeking opportunities in startups, the revaluation of early-stage companies offering advantages to venture capitalists, and the growing adoption of generative AI, with McAleer predicting that the AI tools market will soon rival or even surpass the impact of cloud technology.
Several other Pacific Northwest firms have also announced new funds this year, including PSL Ventures, Ascend, Madrona Venture Labs, and AI2.