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CrossCut Ventures has announced the closing of their third fund at $75 million.
The Venice venture, commonly regarded as one of the earliest investors in Silicon Beach, overshot their initial target of $50 million thanks to investors that included The John Irvine Foundation and Top Tier Capital.
CrossCut was founded in 2008 by Rick Smith, Brett Brewer, and Brian Garrett. Clinton Foy, previously the COO of Square Enix, recently joined the trio as the new Managing Director. Their expanding portfolio includes 45 investments with 10 exits.
“We feel so fortunate to have such strong interest from a great set of institutional LPs for this third fund,” Garrett said in a statement to Forbes. “It is a testament to the entrepreneurs we’ve backed over the last eight years and to the success and momentum that they’ve brought to the SoCal tech ecosystem.”
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