Unlock Venture Partners Launches $62 Million Seed Fund Focused on LA Startups

Harri Weber

Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to harrison@dot.la.

Unlock Venture Partners Launches $62 Million Seed Fund Focused on LA Startups
Photo by Olenka Kotyk on Unsplash

Unlock Venture Partners, a Seattle- and Los Angeles-focused venture capital firm investing in seed-stage startups, unveiled a new $60 million-plus fund on Monday.

Unlock has closed on roughly $62 million for its second fund and is aiming to raise more with a target of $75 million, co-founding partner Sanjay Reddy told dot.LA. In addition to startups in its hometown of Seattle, the firm is eyeing ventures in the L.A. region, its second core market.


While just announced, the fund isn’t brand new; Unlock has been “deploying [the fund] for close to a year,” Reddy said, citing 16 investments to date out of the vehicle. Those deals include L.A.-based “meta-fashion” company DressX, Seoul- and Santa Monica-based esports group Gen.G and Pasadena-based Continuum Space Systems, which sells software for space missions.

The investments speak to Unlock’s specific interest in metaverse, Web3 and gaming companies within the L.A. and Seattle markets. (The firm is also an active investor in fintech startups like North Hollywood-based UNest.) When asked about the ever-growing backlash to the metaverse, Reddy said Unlock is unfazed by doubters and remains bullish on the emerging space.

“The problem with capitalism is you require continued growth, but our environment has finite resources,” he noted. “If you look at the metaverse, theoretically you can accommodate infinite growth… Where does it go? We don’t know. But the metaverse is real, as an opportunity.”

Including its first $22 million fund, which launched in 2018, Unlock has raised over $85 million in capital to date.

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March Capital Raises $650 Million Fund to Invest in AI Startups

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College and previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

March Capital Raises $650 Million Fund to Invest in AI Startups
March Capital founder Jamie Montgomery. Illustration by Dilara Mundy.

Santa Monica-based venture outfit March Capital announced Feb. 3 that it raised its largest fund to date, a $650 million investment vehicle that will be used to back up to 15 startups focused on delivering new uses of artificial intelligence.

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The Three Best Ways to Work With Your Startup Board

Spencer Rascoff

Spencer Rascoff serves as executive chairman of dot.LA. He is an entrepreneur and company leader who co-founded Zillow, Hotwire, dot.LA, Pacaso and Supernova, and who served as Zillow's CEO for a decade. During Spencer's time as CEO, Zillow won dozens of "best places to work" awards as it grew to over 4,500 employees, $3 billion in revenue, and $10 billion in market capitalization. Prior to Zillow, Spencer co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003. Through his startup studio and venture capital firm, 75 & Sunny, Spencer is an active angel investor in over 100 companies and is incubating several more.

The Three Best Ways to Work With Your Startup Board

When launching and running a startup, your board of directors is one of your most valuable assets. If you already understand why you need a board and how to structure your board, it may be tempting to think you can cross that item off the list. But building a board is just the beginning. Now you’ve got to get down to business—together.

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This Week in ‘Raises’: Saviynt Lands $205M, Pagos Secures $34M

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

This Week in ‘Raises’: Saviynt Lands $205M, Pagos Secures $34M
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While it was a slow week of funding in Los Angeles, security vendor Saviynt managed to score $205 million that will be used to meet the company’s growing demand for its converged identity platform and accelerate innovation.

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