CrossCut Ventures, a Los Angeles-based, early-stage venture capital firm, has closed its $75 million third fund.
Now, CrossCut Ventures is one of the largest seed-stage funds in Los Angeles, a city that's home to successful startups like Snapchat, Whisper, and Dollar Shave Club.
Cofounder and managing director Brian Garrett says the new fund is relatively oversubscribed in comparison to its initial $50 million target.
This is in part because it's the first time CrossCut has tapped into institutional investors - Top Tier Capital Partners and The John Irvine Foundation both invested in CrossCut's new fund.
Founded in 2008 by Garrett, Rick Smith, and Brett Brewer, CrossCut was among the first seed-stage funds to appear in Los Angeles. Its portfolio companies include suit rental service The Black Tux, SaaS company Conversion Logic, adtech company GumGum, and mobile streaming and gaming startup Mobcrush.