The Austin tech startup market just got a new seed and Series A round backer in the form of LiveOak Venture Partners. Venu Shamapant, Krishna Srinivasan, and Ben Scott, all formerly of Austin Ventures, have today announced the launch of their new $109M fund geared at early-stage technology ventures.
According to their press release:
LiveOak Venture Partners, a Texas-based early-stage venture capital firm, today announced that it has held a final close for its inaugural fund raising of more than $109 million. This is also the largest pool of capital raised in Texas for investment in early-stage technology companies in over five years. The firm will capitalize on a healthy pipeline of emerging Texas area startups led by local entrepreneurs and invest in upwards of 15 new portfolio companies across IT and technology-enabled services.
While many of their investments begin at the seed stage, LiveOak is a full lifecycle investor focused on technology and technology-driven service companies primary based in Texas and the Southwest.
It is good to see additional startup capital form in Austin, which already has a foundation in Austin Ventures but still lags several billion in yearly venture investments behind Silicon Valley and New York. Hopefully LiveOak will stimulate the growth needed to compete with the other major tech cities.
On a side note, my firm Thompson Bukher LLP is scheduled to open a new office in Austin as of January 2015. Without a doubt the tech scene is growing in Texas.
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