Kindred Capital has closed its third fund at $130 million.
Kindred adopts what it calls a high-conviction investment strategy focused on mission-driven, founder-led technology companies at the early venture stage.
It has previously invested in companies including Dexory, which topped our sister publication BusinessCloud’s recent RetailTech 50 ranking, and Paddle, a specialist payments solutions provider for SaaS companies that reached unicorn status in 2022.
British Patient Capital committed $26.7m to the fund. It follows a cornerstone commitment by British Patient Capital to the manager’s inaugural fund in 2017, as well as a further commitment to their second fund in 2020.
Other returning partners include the University of Chicago, Isomer, Industry Ventures and Legal & General.
Kindred’s community-driven approach to partnering with entrepreneurs has proven appealing, helping attract quality opportunities. Through its Equitable Venture model, Kindred shares the profit of the fund with the founders in which the fund invests, encouraging its portfolio companies to actively help each other achieve their goals.
It writes $200k-$3m cheques in about 25–30 companies per fund. “We don’t invest larger amounts up-front because we want to reserve significant funds for follow-on investments as our companies grow and scale,” the company states.
“From FinTech to fertility, cell and gene therapy to retirement communities, we see talented founders building businesses in many important spaces that help shape the future trajectory of the country,” said Leila Zegna, general partner at Kindred Capital.