Lutterodt dropped out of the University of Texas to found a robotics startup previously but was rejected for funding in the UK for a different business despite going through 10 accelerators and more than 100 VC pitches.
Black Seed will look to invest in around 10 companies a year as part of a rolling cohort of startups with portfolio companies able to get six months of free office space at the fund's sites. The fund's first close was led by asset manager M&G Catalyst, with additional investment from venture capital firms Atomico, LocalGlobe, Molten Ventures, and WestRiver Group.
The fund has been in development for a number of years with Black Seed having originally been in discussions with a single LP before opting to diversify its backers. This first close of $6.25 million is lower than the £10 million , who said that putting their flag in the ground was the most important thing for now. Black Seed has indicated that intends to raise the full amount.
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