It was in the 2021 pandemic era that we reported on the launch of Moonfireat the time, a $60 million “Fund I” seed-stage “data-driven” VC focused on the new world of remote work and remote pitching.
The new $115 million fundraiser (“Fund II”) plans to continue what it calls its “data-driven” approach.
Since its launch by the former co-founder of Atomico Mattias LjungmanMoonfire says it has built custom AI models and has a tech stack to hunt down new potential startups.
It now claims to review “up to 50,000 companies per week” in a statement (although this claim has not been independently verified by TechCrunch).
That said, for example, it claims to have discovered UK Fintech LiveFlow through its AI engine, co-leading the Pre-Seed round with Seedcamp.
The fund says it looks at companies in AI, Web3 and AR/VR, as well as health, work, finance and gaming.
Ljungman said the fund now combines its remote investing style with face-to-face meetings: “The face-to-face is definitely happening more. We do that monthly. We also have our Pulse event and our Seed event. So we believe in the integration from a distance and also in person.”
Moonfire says it has led 23 deals and co-invested in another 27 alongside VCs such as Sequoia, Accel, Index, General Catalyst and Accel.
Portfolio companies include Humans (raised a $15 million Series A round), Lightdash ($7 million round led by Accel), and GOALS ($20 million Series A round with Seven Seven Six). In addition to its $90 million Fund II, the company has raised $25 million to invest through its Opportunity Fund.
Moonfire Ventures partner Mike Arpaia added: “The power of the AI and VC partnership has always been at the core of Moonfire and with the launch of Fund II we see it taking it to the next level. This new level combines man and machine like never before, hoping to turn an inefficient and unjust industry upside down.”