NextGen Venture Partners Raises $22 Million First Fund

Continuing its transition from network of angel investors to more traditional VC firm, NextGen Venture Partners has raised a $22 million fund. The fund is being billed as the firm’s “first” — if you don’t count that $1 million it raised for expansion in 2015.

But NextGen isn’t giving up on its network of angels. Rather, the firm hopes to blend the two. As the Washington Business Journal reported, “the venture firm plans to tap its existing angel network to invest in potential deals alongside it. Each time NextGen will create a special-purpose LLC that combines the venture fund money (from 82 limited partners) and the investments from its more than 650 angel network members.”

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