New VC firm raising $25M fund

May 9, 2014
Austin Business Journal


There’s a new venture capital firm in Austin, but details are scarce. ATX Seed Ventures I LP reported raising $5.5 million of a planned $25 million financing. The Austin-based investment firm collected the capital from 16 investors, according to a Thursday filing with the U.S. Securities and Exchange Commission


ATX Seed Ventures, founded earlier this year, is still working on its website, said Christopher Shonk, the fund’s manager. He’s also the managing director of Liahona Ventures LLC, a self-described “nimble boutique investment fund” based in Austin, according to his online profile and the firm’s website


“Right now, it’s still in the early stage,” Shonk said, but he added that portfolio companies include RideScout, Incent Games, Famigo and SetFM, he said


Liahona Ventures’ investments include startups operating in game development, mobile and social content platforms, consumer packaged goods, health, sports and wellness. Portfolio companies include Deep Eddy Vodka, Massage Envy spas and Greenling Inc., according to its website


Shonk is also the regional owner of Massage Envy, managing 17 spas in Texas, his online profile indicates


Investments in Austin-area venture-backed companies increased 163 percent during the first quarter, rising sharply to $213.8 million compared with $81.7 million during the same period last year


Although deal volume was the exact same as the year-earlier period, 18 investments each, the median funding round amount surged from $3.8 million during the first quarter 2013 to $4.8 million this year, according to Dow Jones VentureSource


Technology companies accounted for $99 million of the total $213.8 million raised by Austin companies during the quarter


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