S3 Ventures announced a $250 million close for Fund VII, one of the latest and largest venture capital fund focused on the state of Texas.
With $900 million in assets under management, the Austin-based venture capital group is one of the largest firms that invest primarily in Texas-based startups.
“We believe that by 2030, Texas could be the second-largest technology ecosystem in the country,” said Brian Smith, a S3 managing director. “That growth is being driven by long-term demographic shifts and broad-based economic strength of not just Austin, but also Dallas, Houston and San Antonio.”
S3’s seventh fund is representative of a decade-long acceleration in startup funding across the state — concentrated in Austin, Dallas, Houston and San Antonio. The rapid growth of local capital sources in recent years has enabled hundreds of Texas startups to raise multiple rounds in their home state — rather than rely on coastal firms for financing.
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