TLDR:
- Pack Ventures is raising a $30 million fund to invest in startups connected to the University of Washington.
- They have already raised $5 million and invested in 26 companies across various sectors.
Pack Ventures, an emerging venture capital fund, is looking to expand its reach in the Seattle entrepreneurial ecosystem by raising a $30 million fund to back startups with ties to the University of Washington. The fund, founded by Ken Horenstein, focuses on early-stage startups spun out of the UW or led by alumni. Pack Ventures has already raised $5 million from more than 80 investors and invested in 26 companies in life sciences, software, and healthcare.
With the success of their initial fund, Pack Ventures is now aiming to raise $30 million for their second fund. They have also established a partnership with the UW and CoMotion, the university’s innovation arm, to be a “preferred venture partner”. The fund has co-invested in startups like Monod Bio and Outbound AI, showcasing their commitment to supporting UW founders.
Pack Ventures operates independently from the university and follows a typical venture firm model. They are part of the UW’s efforts to bring research out of the lab and into the market, helping to drive entrepreneurial activity on campus. The fund is structured to allow for diverse LP participation and sidecar investments in addition to direct investments in companies.
Ken Horenstein, the founder of Pack Ventures, acknowledges the challenges of raising funds in a competitive market but remains optimistic about the potential impact the fund can have. By investing in startups with UW ties, Pack Ventures hopes to foster a more entrepreneurial culture within the university and create a more robust ecosystem for innovation in Seattle.
