As an indication of Greycroft’s commitment to being a small fund making modest investments, Greycroft II left additional commitments on the table and, as a result, had one closing. The small fund size is designed to support its investment strategy of funding companies with capital efficient models and initial investments of $500,000 to $5 million.
“This is a great time to be active in our area, particularly in New York and Los Angeles ” said Dana Settle, Partner and head of Greycroft’s Los Angeles Office. “We are seeing a growth spurt in the digital media industry, as the best and brightest talent start companies that are filled with potential.”
Greycroft II investors encompass a leading group of municipal and corporate pension funds and endowments led by JP Morgan Investment Advisors, in addition to individuals from across the corporate world. The General Partners of the new fund are the same as Greycroft I, Alan Patricof, Dana Settle and Drew Lipsher with the addition of Ian Sigalow, promoted from Principal.
“The firm’s industry focus and its presence on both coasts is particularly desirable as there is an increasing level of activity in these two cities with a groundswell of gifted entrepreneurs,” said Drew Lipsher, New York based Partner, Greycroft. “Additionally, in being bicoastal Greycroft is given the opportunity to strengthen our industry relationships and concentrate on business development.”
Previously, Greycroft I raised $75 million, completely from high net worth individuals. During its four years in operation, Greycroft I made over 30 investments in the digital media space including: Collective, Huffington Post; Paid Content, which was sold to Guardian Media; Digisynd, which was sold to Disney; and Pump Audio, which was sold to Getty.
About Greycroft Partners
Greycroft Partners is known for partnering with exceptional entrepreneurs to help them gain visibility, build strategic relationships and successfully bring their products to market through its extensive network of media and technology industry connections. Formed in 2006 by venture capital veteran, Alan Patricof, with offices in both Los Angeles and New York, Greycroft seeks to serve entrepreneurs in these two complementary, rapidly growing and previously underserved markets. We are focused on promising, digital media companies, including both business and consumer focused ventures and strongly believe that the best entrepreneurs build exceptional businesses through ingenuity and capital efficiency. Since inception we’ve invested in 32 companies and have had three successful exits. For more information, go to www.greycroftpartners.com."
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