San Francisco-based venture capital firm Sway Ventures is raising a second fund at $250 million, according to a pair of SEC filings targeted at $85 million and $165 million. No commitments have been raised so far for the firm’s second namesake fund.
Founded in 2013 by team of industry experts Brian Nugent, William Malloy III, Brent Granado and Darius Sankey under the name AITV, the VC shop announced its rebranding as Sway Ventures in 2016. As AITV, the firm reportedly raised $173 million for its first fund.
Sway Ventures invests in early to mid-stage technology companies, taking particular note to “high performing teams and revolutionary technology” in order to “create the next enterprise or consumer category.” The Silicon Valley firm focuses on strategic capitalization, business development support and engineered exits to support its portfolio companies. The VC shop’s “about” page reads, “software will liberate us from the tyranny of inefficiency.”
In March, Sway Ventures led a Series B funding round for Internet of Things platform Everythng, a company which helps enterprises connect devices to the web. Sway’s portfolio include a range of software companies including NYC-based social media management software maker Sprinkl, subscription clothing service Le Tote and shipments logistics technology provider Haven.