Venture capital firm Goodwater has concluded its latest funding round, raising $1 billion in capital commitments for its fifth early-stage and third opportunity-style funds. With this successful raise, the firm now manages $3.3 billion in assets. Most of the capital, 60%, will be allocated to early- and seed-stage startups.
Founded in 2014 by industry veterans Chi-Hua Chien and Eric Kim, Goodwater is the largest venture capital fund focused on consumer tech investments. The firm has a clear consumer tech focus and a global reach, backing 79 early and growth-stage startups across 19 countries worldwide.
Throughout its nine-year history, Goodwater has made significant investments in successful startups like Musical.ly, Photomath, DOSH, and Care/of, contributing to the growth of consumer tech innovation worldwide.
“During a tough time in the market, we are ready to support the very best early and growth stage consumer tech startups with $1 billion of fresh capital. We appreciate the support and trust placed in us by our Limited Partners,” Chi-Hua Chien, Co-Founder & Managing Partner, stated in a recent release.
Goodwater’s Co-Founder and Managing Partner, Eric Kim, emphasized the firm’s dedication to supporting consumer tech startups globally. He stated that their focus lies in championing ambitious teams developing transformative digital solutions to address the needs of the world’s population, which stands at 8 billion.
Besides its traditional investment approach, Goodwater has further introduced innovation by introducing Genesis, a platform that facilitates global seed-stage startup investments. Genesis features “master class” level programming through pre-recorded modules led by industry experts. This includes Tinder co-founder Sean Rad and former Amazon executive Jeff Wilke, who are also limited partners in Goodwater.
Startups can apply online for admission to Genesis, with the primary requirements being tens of thousands of users and initial revenue. There is no cut-off period, and Goodwater refers to this process as “open enrollment.”
The firm has invested in six startups at the Series A stage through Genesis, providing early access and valuable insights into diverse geographies and ideas.
Goodwater has a record of issuing checks to 600 seed-stage startups across 50 countries. With this approach, Goodwater aims to support startups that seek to make a positive impact on housing, healthcare, food, financial services, transportation, education, and entertainment for billions of people worldwide.
“This new capital will fuel our global investing approach and strengthen our position as the best consumer tech investing platform in the world,” Chien added in his statement.