The firm already has $50 million under management from two previous funds. Brian Garrett, the cofounder and managing director of Crosscut Ventures, said in a statement that the firm had the good fortune to have strong interest from a good group of institutional limited partners for the third fund. He said that was a testament to the firm’s previous success and to the entrepreneurs it has backed over the past eight years.
Crosscut said that the third fund was initially targeted at $50 million but was significantly oversubscribed. Investors in the fund include The James Irvine Foundation and Top Tier Capital.
Eric Woo of Top Tier Capital said that its investment in Crosscut is emblematic of its belief that the booming Los Angeles startup ecosystem is still relatively underserved and undercapitalized.
Foy was previously the chief operating officer of Square Enix, the publisher of the Final Fantasy and Tomb Raider games. He has domain expertise in gaming, mobile, esports, and new platforms, which is a focus for this fund. Foy previously led Crosscut’s early investments in the gaming sector including Super Evil Megacorp, Mobcrush, Little Labs, and Vulcun.