C2 Ventures today announced the closing of its new $20 million, early-stage venture capital fund investing in the seed rounds of B2B software and robotics companies building productivity tools for old economy industries, in verticals ranging from manufacturing and construction to trucking insurance and commercial bathroom cleaning.
The fund is being raised through a combination of new and existing investors with deep entrepreneurial experience and prolific business careers in both the public and private sectors. Its general partners, Chris Cunningham and Matt Olivo, bring more than two decades of experience as a startup founder and angel investor, and as a banker, institutional fund manager and CFO, respectively.
“C2V fits our strategy of identifying the best emerging managers in Connecticut, who are committed to growing our state’s startup ecosystem,” said Matt McCooe, CEO of Connecticut Innovations. “We are excited to support C2V as they continue to attract new venture talent and startup founders to the state and help Connecticut tech companies succeed.”
The firm also announced the launch of its smaller Tributary Fund that will focus on making investments in similar old-economy SaaS and robotics productivity tools at an earlier, pre-seed stage.
“We love the dirty, dull, and dangerous,” said Chris Cunningham, founder and managing partner C2 Ventures. “Rather than chasing the latest trends in Web3, crypto or consumer products, we seek out solutions that may be less glamorous, but are solving much bigger problems, providing immediate ROI to customers in the largest sectors of the U.S. and global economies.”
The fund has more than 100 investors including quarterback Baker Mayfield and his brother Matt, and NFL Network reporter, Ian Rappaport, as well as some of the industry’s most successful founders and tech executives, including Brian Adams, Jennifer Prince, Shiven Ramji, Sean Cohen, David Kidder, Ari Paparo, Haroon Mokhtarzada, and Mike Murphy, who also act as the firm’s Operator Bench, providing extensive post-investment support to C2V’s portfolio companies.
This story was first reported in TechCrunch.
About C2 Ventures
C2 Ventures is a Connecticut-based early-stage venture capital manager focused on B2B software and robotics startup that address the decades-long decline in U.S. productivity growth. Now investing out its second seed-focused fund and first pre-seed, feeder fund, C2V leverages its general partners’ 40+ years of startup and finance experience, as well as its Operator Bench of successful founders and senior tech executives, to source and identify the best products and founders, and to provide them with the industry’s most comprehensive and active post-investment support.
C2V maintains a disciplined focus on its core investment thesis, stage and geography, which intentionally excludes the chronically overfunded and overvalued Bay Area market. Please visit our website for more.
C2V has so far backed 87 founders across its three funds, with three exits thus far, including this year’s purchase of airline revenue management SaaS provider, Kambr, by Amadeus, a leading global provider of airline passenger service systems.