SNAK Venture Partners announced Wednesday that it has oversubscribed its $50 million debut fund backed by the investment firm Pritzker Group (founded by Illinois Gov. J.B. Pritzker and his brother Tony).
SNAK founders Sonia Naggar and Adam Coopersmith worked at the company and led investments in companies such as auto market Backlot Cars and TicketNow (which left Ticketmaster). The two decided to strike out on their own and launched a company earlier this year to support the digital market.
“The timing felt right and we had the internal support to do this,” Nagar said.
The vision is that there is still much to digitize, such as supply chain and construction, and as fintech architecture advances, even resistant industries are becoming more comfortable adopting new technologies, so now is the time to make a breakthrough.
“If you look at the biggest venture wins of the last 10 years, these are five of the top 10 venture outcomes,” she said, pointing to Uber, Instacart, Airbnb and others. Like the companies that raised billions of dollars from investors, went to IPO, and returned millions of dollars to investors.
“Most of these wins are consumer-facing and tend to move faster than large corporations,” Nagar continued. “We think there is a lot of room to step up and focus on the B2B marketplace.” We are particularly looking for categories that have not yet been digitized.
The company has already invested in six companies, including BigRentals and Repackify, each focused on equipment rental and packaging logistics. Nagar said the company overall hopes to write seed checks to at least 20 companies for $1 million to $2 million each. She said she hopes to roll out the entire fund within the next three to four years.
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While many new funds are struggling to raise money (money is still concentrated at the top), Nagar and Coopersmith said they were able to rely on their backgrounds in convincing LPs.
Mr. Nagar helped launch Amazon Apparel in 2009 and was head of mobile at RetailMeNot. Mr. Coopersmith, meanwhile, spent 20 years at Pritzker Group and serves on the boards of various marketplace companies. At the same time, Nagar said without Pritzker's support, it would have been much harder to raise this money, especially in last year's environment.
Other LPs in the fund include executives from the Illinois Growth Innovation Fund and other marketplace companies such as Favor Delivery and RetailMeNot.
Nagar said the company is location agnostic and recognizes that Silicon Valley and New York City aren't the only hidden markets. “We’re discovering founders who have been overlooked, perhaps in places other funds aren’t looking at,” she said.
SNAK itself is based in Chicago, but some LPs question that, she said. “People see it as a disadvantage, but we see it as an advantage,” she continued. “We can reach everyone quickly.”