AVG Launches Its New Basecamp Fund
September 25, 2020 | Abree Murch
MANCHESTER, NH, September 21, 2020 — Alumni Ventures Group (AVG), one of the world’s most active venture capital firms, has announced the October 1 launch of its AVG Basecamp Fund 2021. The fund, open to any accredited investor, will compile a broad portfolio of about 100 seed and pre-seed deals over the next 12-15 months, with 25 percent of its investible capital reserved for follow-ons. Key to the AVG Basecamp Fund’s co-investing model is providing investors with a portfolio diversified across sector, region and lead manager. The Fund will close to new investors on Dec. 31, 2020.
The AVG Basecamp Fund will be led by a team of eight professionals, dispersed around the U.S. in key venture capital hubs: San Francisco, New York City and Chicago. Managing Partners Catherine Lu (San Francisco), Andrea Funsten (San Francisco), Matt Scott (New York City) and Wayne Moore (Chicago) will drive the sourcing of deals. They will be supported by a staff of four full-time investment professionals and AVG’s Office of Investing.
According to Michael Collins, CEO of AVG, “The AVG Basecamp Fund has been designed for investors who are interested in a smart, simple way to accumulate a large portfolio of seed and pre-seed deals. This is the highest-risk, highest-reward stage of venture investing. To help mitigate risk, we ensure that investors have very large, highly diversified portfolios across sectors and regions. And we are strictly co-investors, following established seed and pre-seed investors with expertise in these types of deals. Our team also does its own thorough due diligence before we commit. Finally, we reserve 25 percent of the fund for follow-on investments to chase the most promising ventures gaining traction.”
Anton Simunovic, Chief Investment Officer of AVG, noted that the team’s experience, geographic diversity and value-add are keys to the fund mission. “To be able to source 100 high-quality seed and pre-seed deals requires a large, focused team comprised of past founders and seasoned investors. You need boots on the ground — even in this time of Zoom — and deep local networks to get into the most coveted deals. And what separates the AVG Basecamp Fund is its ability to add portfolio value through AVG’s community of more than 500,000 supports.”
Collins observed, “I have been deeply impressed by the deals that our team are sourcing. Today’s pre-seed and seed deals are so much more evolved and able to demonstrate traction, plus recruit top-tier talent faster than companies used to at this stage. Having a portion of your venture portfolio at this earliest stage makes a ton of sense if you can hit the necessary scale and investment quality, with targeted diversification.”
This press release is not an invitation to purchase Alumni Ventures Group, LLC’s (the “Company”) securities or an endorsement thereof, nor is it an invitation to invest in funds managed by the Company. Any offerings of the Company’s securities or the securities issued by any funds managed by the Company are made solely to accredited investors through formal offering materials that must be considered with your professional advisor before an investment decision is made.
[This press release contains forward-looking statements including, but not limited to statements regarding the Company’s future financial performance, the expectations regarding certain funds, the Company’s plans and expectations for fundraising, carry receipts, growth and the future growth of the market. All statements contained in this press release other than statements of historical fact are forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Actual events or results may differ materially from those discussed in the forward-looking statements. These forward-looking statements reflect our view only as of the date of this press release. Except as required by law, the Company undertakes no obligation to update any forward-looking statements.]
About Alumni Ventures Group
Alumni Ventures Group offers accredited investors a smart, simple way to invest in venture capital — a key asset class missing from the portfolios of many sophisticated investors. Since launching its first venture fund in 2014, AVG has grown to offer 16 alumni funds and five focused funds, serving a network of over 500,000 community members and subscribers. Evaluating hundreds of opportunities every year and selecting the most promising for fund portfolios, AVG was ranked by PitchBook as the third most active fund in the U.S. in 2019. AVG funds are private, for-profit and not affiliated with or sanctioned by any school. For more information about AVG, visit avgfunds.com.
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