Exclusive: David Tisch’s BoxGroup raises $550M across two new funds as venture firm turns 16

For Tisch, the key was to be the Switzerland of venture capital. Many of the best companies in the industry earn their reputations by pioneering mega-deals or competing for board seats at Silicon Valley’s hottest startups. But BoxGroup’s path has long been to join a surprising number of early-stage rounds, allowing the company to take smaller positions while working alongside other companies. This approach has created an enviable portfolio comprised of a row of killer companies from the past decade and above: Ramp, tapePlaid, Cursor, Airtable, Oscar, and the list goes on. “We are able to work with all the other funds in the market versus against them,” Tisch tells me.

It was Tish A Primary axis to New York’s booming tech scene since he first began seriously angel investing in 2009. He stocked BoxGroup’s first three funds with his own capital before deciding to bring in limited partners six years ago. The new $550 million was split between two funds: an early-stage fund, BoxGroup Seven, and an opportunity fund for follow-on investments called BoxGroup Leaven. (He always chose rhyming names for the double structure – six and choose, five and seek, four and more, joking that this was the hardest of all.)

Although about 30% of BoxGroup’s investments are typically in New York companies, and eight of its 10 investors are based here, Tisch says he views the city as his home — not an idea for his company. He points out that the Gulf region remains the dominant value creation ecosystem in technology. But regardless, competition between regions is not part of BoxGroup’s calculations. “We don’t look at geography as an important attribute in creating startups,” he told me.

This sector and location agnosticism has allowed BoxGroup to build a portfolio of companies rivaled only by incubators like Y Combinator. Tisch expects to close between 120 and 180 deals from its new core fund, and between 20 and 40 from its opportunities fund. “Our mission is to see companies,” he says. “Our mission is to wake up and meet founders where they are.”

Tisch admits that as competition for LP dollars intensifies, it has become increasingly clear that all VCs, ultimately, provide a similar service. For a company with a proven track record like BoxGroup, it would be easy to rely on its reputation alone. But Tisch says he has to prove with each new fund that he can stay relevant.

Tesch credits BoxGroup’s consistent approach for his company’s enduring success. “We want to be your best investor, which is different from saying ‘we want to be your best investor,'” he says. This means sticking with companies like Clay and ID.me For years through the lows and highs, understanding that startups — not just venture firms — need long time horizons. “If we changed what we do every fund cycle, it would be a misalignment with the founders,” he says. “We fund people.”

Leo Schwartz
tenth: @leomschwartz
Email: leo.schwartz@fortune.com

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Project deals

– actuallya non-human identity security platform based in Palo Alto, California, has raised $30.8 million in Series B funding. XYZ venture capital He led the tour and joined him the general partnership, Bloomberg Betaand WndrCo.

– Good ida provider of primary and specialty care for obesity and overweight based in Boston, Massachusetts, has raised $25 million in funding. CVS Projects He led the tour and joined him MassMutual Catalyst finance, Intermountain Projectset al.

– wise nursinga Palo Alto, California-based AI platform designed to navigate healthcare, has raised $20 million in funding. Yosemite He led the tour and joined him general Catalyst, Metrodora, SV Angelet al.

– window Amnesty Internationala London, UK-based developer of an AI-powered research and task automation platform for investment banks and asset managers, has raised $15 million via Series A and seed rounds. Financial technology Collective The round was led by Series A and summit fifteenth He led the seed round.

– AdsGencya San Francisco-based developer of a platform designed to be an AI-powered ad agency, has raised $12 million in seed funding. XYZ Take risks capital He led the tour and joined him Simplified Projects, HF0, hat trick capitalet al.

– Moonshot Amnesty Internationala New York City-based developer of an AI-powered platform designed to autonomously optimize online stores, has raised $10 million in seed funding. great capital He led the tour and joined him Oceans Projects, Uncorrelated, Garuda Projectsand Doesn’t take capital.

– Fourier healtha data processing and data exchange platform based in Miami, Florida, has raised $8.4 million in funding. Yosemite He led the tour and joined him The next generation Take risks Partners, Innospark Projectset al.

– Kite advancedThe Oxford, UK-based rare earth alternatives developer has raised $6.9 million in seed funding. Hoxton Projects He led the tour and joined him LQD Projects, Obermongen, Tuesday capitalet al.

– Minda Zurich, Switzerland-based platform for building artificial intelligence agents and designed to speed up chip manufacturing, has raised $2.5 million in funding. founder He led the round and was joined by angel investors.

Private equity

– Archimede Took medtec Zimfia dental technology platform headquartered in Palm Beach Gardens, Florida Zimmer BeaumentEspecially for about $730 million.

– Ardian Agreed to acquire a minority stake in GBP systema manufacturer of aviation locking mechanisms based in Villaroche, France. Financial terms were not disclosed.

– Rimsoftsupported Banker Partnersacquired He achievesa forest technology company based in Adelaide, Australia. Financial terms were not disclosed.

Exits

– Mary acquired Today Tex groupa digital ticketing company based in New York City, from great hill Partners. Financial terms were not disclosed.

Money + money money

– various capital administrationa private equity fund based in Los Angeles, California, has raised $1.2 billion for its third fund focused on lower middle market companies.

the people

– Standarda venture capital firm based in San Francisco and Woodside, California, was hired Everett Randall As a general partner. Previously it was with him Kleiner Perkins.

– Octopus Projectsa venture capital firm based in London, UK, was hired Jimmy quinyl As Senior Partner and Head of Portfolio Strategy. Previously it was with him Pembroke investment Managers.