Moneta Ventures said Thursday it has closed its first fund at $25 million, more than its original target of $10 million to $12 million. The firm also said that Kevin Nagle, lead investor of the Sacramento Republic FC soccer team, has joined the Moneta Ventures Investment Board. Folsom, Calif.-based Moneta invests in early-mid stage companies in sectors including software and cloud services.
Moneta Ventures has named Kevin M. Nagle to the Moneta Ventures Investment Board. Mr. Nagle is the lead investor with the Sacramento Republic FC, Vice Chairman of Envision Pharmaceutical Holdings, Inc., and the largest, local share holder of the Sacramento Kings. Mr. Nagle will also be an investor in Moneta’s current venture capital fund.
“Having an executive of Kevin’s caliber join our Investment Board is a humbling experience. We hope to gain from his in-depth insights as we identify future opportunities and as our portfolio companies scale and grow. ” said Lokesh Sikaria, Managing Partner of Moneta Ventures.
“The fact that Lokesh Sikaria and his team have built and scaled entrepreneurial start-ups into large, established companies in the past is a differentiator. With Moneta Ventures executing on its plan, the impact on the technology sector and the multiplier effect here in Sacramento will be profound,” said Kevin Nagle.
Moneta Ventures has closed its first fund at $25 million, over-subscribed from its original target of $10-12 million. The fund has invested in a diversified portfolio of eight companies including Greater Sacramento region firms, 5th Planet Games, Kura MD, Work Truck Solutions, Wellness Management, and HomeZada, in addition to MindTickle, TecSport Games and Perkville. The target industry mix for the fund is 80% Technology and 20% Healthcare Services/Healthcare Technologies. Approximately $8 million of the fund has been deployed so far with the remaining to be invested over the next three to four years. Over the past 15 months, the executive team and Investment Board have reviewed over 100 mid-stage company business plans to identify these eight worthy organizations for investment and coaching. Moneta Ventures will remain focused on locating additional tech firms with annual revenues between $500,000 and $5 million, revolutionary technology, and scalable growth potential.