Hipost Capital, the private equity firm run by Jeff Bezos' brother Mark Bezos and private equity veteran David Moross, has launched a new venture capital arm called HIPstr, which will generate new capital to invest in startups.
The new firm announced it was raising $100 million for its first venture capital fund. Hipost Capital focuses on consumer-facing companies, while HIPstr is targeting the dramatic decline in startup valuations over the past few years, according to Bloomberg. The fund has already invested in six early-stage startups, including Kylie Jenner's alcohol distribution company Wild Common and cremation services provider After.com, which raised $10 million in a Series A round last month.