Corazon Capital Raises $134 Million; Promotes Phil Schwarz To Partner; And Registers With The SEC As An Investment Adviser
Corazon Capital announced the close of its third early-stage venture fund, Corazon Capital III LP, and its first opportunity fund, Corazon Matchbox LP, with over $134 million in aggregate capital commitments
Corazon Capital announced the close of its third early-stage venture fund, Corazon Capital III LP, and its first opportunity fund, Corazon Matchbox LP, with over $134 million in aggregate capital commitments. Approximately two-thirds of the capital came from Corazon Capital’s current investor base while the other one-third came from new investors.
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Based in Chicago & Los Angeles, Corazon Capital has historically invested in pre-seed, seed, and Series A rounds across the consumer spectrum: marketplaces, ed tech, social, direct-to-consumer, and Web3, and across the country, with its portfolio relatively evenly distributed among the West Coast, Midwest, and East Coast.
Corazon Capital had initially targeted raising $100 million for its early-stage fund and upon receiving more demand than expected, the firm decided to allocate the incremental $34 million to an opportunity fund, Corazon Matchbox LP, dedicated to making late-stage investments in Corazon Capital’s existing portfolio companies. Corazon Matchbox will expand Corazon Capital’s reach well beyond the early stage and allow the firm to write larger checks in support of its portfolio companies, throughout their life-cycles.
“Since co-founding my first company in 1999, I have never seen a more exciting time to invest in early-stage startups,” said Sam Yagan, Co-founder and Managing Partner of Corazon Capital. “The current combination of technological innovation, decentralized models, and creative genius provides all the necessary ingredients for a nonlinear acceleration of value creation, technology adoption, and growth.”
In addition to launching its first opportunity fund, Corazon Capital has registered with the SEC as an investment adviser, which increases Corazon Capital’s ability to invest in novel digital assets and other venture capital funds as limited partners. In addition, the registration will allow Corazon Capital to widen its aperture and take advantage of the unprecedented innovation currently taking place, with never-before imagined organizational structures creating more disruptive business models and even new types of assets.
Corazon Capital Co-founders and Managing Partners Steve Farsht and Sam Yagan recently announced several promotions: Phil Schwarz, formerly Tinder’s first CMO, to Partner; Greg Johnston to Vice President; and Zhou Zang to Senior Associate. Corazon Capital also grew its team with the addition of Carrie Beach in operations, Nina Essandoah as Vice President, and Tendai Brais as Head of Finance and Chief Compliance Officer.
“I leaned on Corazon Capital throughout the PrettyLitter journey; they advised me on my first consequential hires, helped me scale my organization in Los Angeles and figure out complex omni-channel marketing strategies, and eventually played an invaluable role in helping me think through the company’s recent exit,” said Daniel Rotman, Founder and CEO of PrettyLitter, a Corazon Capital II portfolio company. “I trusted Corazon Capital’s leaders because of their integrity and experience leading companies that scaled to the top of the mountain; I look forward to growing our relationship as an investor in the new fund.
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