Active Capital, a San Antonio-based solo GP venture firm, has closed on its third fund ' a $28 million vehicle aimed at investing in enterprise AI and cloud infrastructure startups at the pre-seed stage. The fund brings Active Capital, which was founded by Pat Matthews, to more than $100 million in assets under management across three funds and several Special Purpose Vehicles, or SPVs, it raised to double down on 'breakout companies.' Prior to starting Active Capital, Matthews founded Webmail.us, which sold for $50 million to Rackspace in 2007. It's his background that led him to start Active, which he operates on the premise that 'founders would rather raise early capital from those who've walked in their shoes.' Active's first fund has so far returned nearly 70% of capital, with total value to paid-in capital approaching 4x, according to Matthews. To date, the firm has backed more than 50 startups across the country, including companies such as ProsperOps, Teleport, Super...
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