Wednesday, April 18, 2018

Foundry Group Backs PSL Ventures

Boulder-based Foundry Group has made a major investment in a new, $80M venture capital investment fund, PSL Ventures, which is based in Seattle, and is one of that fund's "significant LPs", according to Foundry's Brad Feld. PSL Ventures announced the new, $80M venture capital fund on Tuesday, saying it will invest in early stage technology companies across the Pacific Northwest. The fund is an offshoot of Pioneer Square Labs, a "startup studio" which has been incubating and spinning out startups in Seattle. Foundry's Feld said that Foundry Group is one of the major investors in PSL Studio, along with being a "significant" LP in the new venture capital fund. Foundry Group--which got its start running its own funds--has recently become an LP itself, using a "fund-of-funds" model for its investments. Feld indicated that Foundry Group most likely would be spending more time in Seattle as a result of the investment.