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December 12, 2023

Harpoon Ventures Dives into New Waters with $125M Fund Splash

US-based venture capital firm, has successfully reeled in a $125 million fund with the support from influential backers

In an impressive feat, US-based venture capital firm Harpoon Ventures, buoyed by notable backers like Peter Levine of Andreessen Horowitz and former Olympic swimmer Michael Phelps, has successfully secured a substantial $125 million fund earmarked for early-stage startups.

The upcoming fourth fund, slated for completion this Friday, is poised to outshine its predecessor, edging past the 2021 fund that closed at $122.5 million, according to Harpoon founder Larsen Jensen, as reported by Bloomberg.

Established in 2018 in Menlo Park and currently headquartered in San Diego, California, Harpoon specializes in channeling investments into dual-use technologies—products with versatile applications in both the private sector and federal agencies. With an expansive portfolio encompassing around four dozen startups, Harpoon's noteworthy investments include clean tech provider Solugen and satellite company Astranis Space Technologies. The latter recently clinched deals with the US Department of Defense and attained a staggering valuation of $1.6 billion.

Jensen expressed a long-term vision, stating, "We want to build an organization that lasts for decades," mirroring the enduring legacy ambitions shared by Phelps. Notably, Jensen, a former double Olympian with silver and bronze swimming medals and a background as a Navy SEAL, co-founded Harpoon with ex-U.S. Marine Corps officer William Allen. Allen, after his military service, pursued a graduate degree at Columbia University, delving into national security consulting at Deloitte before transitioning into the realms of technology and finance.

Raising capital in 2023 has proven to be a formidable task, given the subdued state of the initial public offerings (IPO) market. By the close of the third quarter, U.S.-based venture firms had collected only $42.7 billion, signaling that 2023 is on track to record the lowest annual total since 2017, as per data from PitchBook.

Harpoon Ventures' substantial fund injection stands as a testament to the resilience and confidence in the startup ecosystem, marking a significant milestone for the firm's growth and the startups it supports.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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