What's Happening?
SNAK Venture Partners has announced the closing of its $50 million debut fund, aimed at supporting vertical marketplaces. The fund is anchored by the Pritzker Group, founded by Illinois governor JB Pritzker and his brother Tony. SNAK founders Sonia Nagar and Adam Koopersmith, who have a history of successful investments, are focusing on digitizing industries like supply chain and construction. The firm has already invested in six companies and plans to support at least 20 more with seed checks ranging from $1 million to $2 million. The fund aims to capitalize on the growing trend of digital transformation in traditionally offline industries.
Why It's Important?
The launch of this fund is a significant development in the venture capital landscape, particularly for
industries that are yet to fully embrace digital transformation. By focusing on B2B marketplaces, SNAK Venture Partners is targeting a niche that has the potential for substantial growth. The backing from the Pritzker Group and other notable investors underscores the confidence in SNAK's strategy and the potential for high returns. This move could accelerate the adoption of digital solutions in sectors that have been slow to change, potentially leading to increased efficiency and innovation.
What's Next?
SNAK Venture Partners plans to deploy the entire fund within the next three to four years, focusing on overlooked founders and markets outside traditional tech hubs like Silicon Valley. The firm is location-agnostic, which allows it to discover and support promising startups across the U.S. As the fund progresses, it will be interesting to see which industries and companies receive investment and how they leverage this support to drive digital transformation.
