Early Stage Venture Firm, FUSE, Launches Oversubscribed $250M Fund to Continue Investing in PNW Startups
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FUSE, backed by the PNW's juggernauts doubles down on its core fund thesis for its sophomore fund
BELLEVUE, Wash., September 25, 2023-- FUSE, an early-stage venture capital firm focused on the Pacific Northwest, unveiled its oversubscribed $250M sophomore fund. The firm invests in emerging software and AI-enabled startups, and is backed by many of the most high-profile Seattle-based software executives as well as many state-affiliated funds, foundations, and universities. FUSE was founded in 2020 and raised $170M for its inaugural fund and now has over $420M in committed capital. FUSE is focused on investing in startups located in Seattle and the broader Pacific Northwest, including western Canada.
FUSE is led by three Founding Partners, Kellan Carter, Cameron Borumand, and Brendan Wales. Carter and Borumand were formerly part of Seattle-based Ignition Partners, and Wales spent nine years at San Francisco-based Headline. The firm's founding team also includes Operating Partners John Connors, the former Microsoft CFO and long-time Ignition Partners Managing Partner, Satbir Khanuja, an early Amazon Executive and founder of DataSphere, and Bobby Wagner, the eight-time pro-bowl linebacker for the Seattle Seahawks.
"We are elated to be launching our oversubscribed second fund and thankful for the continued support from our Limited Partners and founders we get to partner with," shared Cameron Borumand. "We are fortunate to have some of the most notable names in the PNW as LPs which creates a unique ecosystem for our portfolio companies to garner expertise, customers, and potential future M&A opportunities."
The team founded FUSE on the premise that effective early-stage investing is a locally-focused product and that the Seattle and broader PNW ecosystem was underserved, despite there being over 100 unicorns funded in the region over the past decade. Since the firm started operations, the region has continued to gain innovation momentum, especially as Washington-based Microsoft has emerged as the global AI leader.
"With the entire public cloud flowing through Seattle, there is no team as strong and as prepared as FUSE is to back the emerging technologists coming out of the area," shared Eric Sprunk, FUSE Limited Partner and former Chief Operating Officer of Nike and current Board Director at Seattle-based Nordstrom and Providence Health.
In addition to Sprunk, FUSE's Limited Partner network consists of over one hundred tech operators, most of which live within twenty minutes of FUSE's office. This provides direct community access for FUSE portfolio founders and a more personal experience for them as they begin their journeys.
"The FUSE team knows everybody here," Chris Weber, FUSE Limited Partner, former Microsoft Corporate Vice President, and current CRO at Gitlab, provided. "They operate a network-effects-driven investment business. Every time they make a new investment or add a local LP, their model gets stronger. Most venture firms get weaker as they get bigger. FUSE is the opposite."
The FUSE team has the energy and determination to provide a world-class experience and go the distance with founders looking to raise capital. The firm has invested in 31 startups to date ranging from vertical software to machine learning applications including Zuper, which helps businesses automate their field services workflows, and WellSaid Labs, the enterprise choice for AI created voice.
"This team is relentless and hyper focused on winning, with a founder-first mindset." said Samir Bodas, CEO and Co-Founder of Icertis. "I am proud to support FUSE in nurturing the next generation of PNW entrepreneurs as they build companies that disrupt industries and processes, just like we've done at Icertis using AI to transform contracting."
With the new fund and capital, FUSE will continue investing in the next generation of B2B technology entrepreneurs building category-defining businesses of lasting value. The firm will lead Seed and Series A rounds with check sizes ranging from $1M to $10M.
Get in touch with the team by reaching out at email@example.com.
FUSE is an early-stage venture capital firm investing in Pacific Northwest-based Seed and Series A companies that leverage software and AI to improve business processes. FUSE's sophomore fund is comprised of two parallel funds: Fuse Venture Partners Alpha II, LP and Fuse Venture Partners II, LP. FUSE is committed to supporting the next generation of B2B technology entrepreneurs building category-defining businesses of lasting value. Founding Partners Kellan Carter, Brendan Wales, and Cameron Borumand are joined by Operating Partners John Connors, Satbir Khanuja, and Bobby Wagner. The strategic LP base includes current and former executives at the Pacific Northwest's top companies, including Microsoft, Amazon, Nike, Starbucks, Costco, T-Mobile, Avalara, DocuSign, Smartsheet, Icertis and many more. For more information about FUSE please visit their website at fuse.vc.
Kelsey Cullen, KCPR