Wing, an early-stage, Palo Alto, Ca.-based venture firm that was formed in 2013 by veteran VCs Peter Wagner and Gaurav Garg, has closed its third fund with $450 million in capital commitments. That’s substantially larger than the $300 million that the firm raised for its second fund — and it was raised entirely virtually, says Wagner.
What’s so interesting that investors agreed to back Wing through highly uncertain market conditions? A few things, seemingly, beginning with the team itself. Wagner previously spent more than 14 years as a partner with Accel, while Garg was a partner with Sequoia Capital for roughly a dozen years, and institutional investors like that kind of pedigree.
The duo has also slowly been building out their investment team, bringing in a younger partner, Zach Dewitt, in 2017 and more recently recruiting three other investing partners: Sara Choi, formerly of Google; Jake Flomenberg, formerly of Accel; and Aaref Hilaly, formerly of Sequoia.
Wing’s focus on startups that enable the “modern enterprise,” meaning workplaces built on data and powered by AI, is a particularly appealing pitch right now, too, as companies more quickly shift to remote work and cloud-based …read more
Source: Tech Crunch