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Kindred Fund III: $130M fund to back tech startups looking to raise pre-seed round

Kindred Capital

An early-stage VC firm based in London that practices equitable venture has recently announced to have raised $130 million for a new fund. Founded in 2015 by Leila Zegna, Mark Evans, and Russell Buckley, Kindred Capital has invested in the UK’s payment unicorn Paddle and also robotics firm BotsandUs to name a few.

Investing in pre-seed rounds

According to the company blog, Kindred will focus primarily on pre-seed investments this time compared to its second fund, which was equally allocated to seed and pre-seed. Their LPs included University of Chicago, British Patient Capital, Isomer, Industry Ventures, Legal & General and more.

In conjunction with the announcement, British Patient Capital announced a $26.7 million commitment to the latest Kindred Capital.

Catherine Lewis La Torre, CEO, British Patient Capital, said: “We are delighted to continue our relationship with Kindred with an investment in their third fund. Their investment approach of actively partnering with founders by building a network of collaboration within their portfolio is fully aligned with our mission to help innovative companies scale up and fulfil their potential.”

Leila Zegna, General Partner, Kindred Capital, said:  “We are truly grateful for the continued partnership of British Patient Capital, who have been there since day one with us as they had a cornerstone investment in our in inaugural fund. It’s true partners like this that enable us to keep supporting and fueling the innovate entrepreneurs that build companies in the UK. From fintech to fertility, cell and gene therapy to retirement communities, we see talented founders building businesses in many important spaces that help shape the future trajectory of the country.” 

Reportedly, with each of its funds, Kindred gives a double-digit carry percentage to its founders. In its first fund, it set aside 20% of carry for portfolio founders. Typically, the firm invests $200k to $3m per fund in no more than 30 companies and leads or co-leads all rounds.

The team at Kindred Capital is diverse and comprises of 58% female and 40% investment team. The investment portfolio has 12% female CEOs and 28% female founders and the 20% of the total funding has gone to companies with female founders.

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