Technology & Innovation

Author: anonymDate: 2024-11-20 18:07:27

Bling Capital secures $270 million investment pool, targeting Seattle's burgeoning businesses

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Bling Capital has amassed $270 million for its fourth investment vehicle, as the six-year-old venture capital enterprise seeks to cultivate more early-stage technological ventures in sectors encompassing business software, financial technology, online marketplaces, healthcare, and consumer applications. Ben Ling, a former senior partner at Khosla Ventures and early supporter of Lyft and Instacart, established Bling in 2018. The organization, which accumulated $212 million for its third investment vehicle, has supported over 160 companies in their initial phases. The fourth fund comprises a principal investment vehicle, along with a supplementary fund for more established businesses. Bling generally invests between $500,000 and $3 million, primarily as the lead investor. The Miami-based company primarily concentrates on the Bay Area and New York City, but also invests in companies across North America. Bling is closely observing Seattle's technological landscape. Kyle Lui, a veteran Silicon Valley venture capitalist, recently relocated to Seattle and serves as a senior partner at Bling. Lui informs GeekWire that "we aim to expand our presence in the Seattle market, given my relocation and the region's abundance of skilled technologists." Bling recently invested in Seattle-based Loti, a startup assisting public figures in identifying fabricated media. It also has one of its largest investments from the most recent fund in a Seattle-based company currently operating in secrecy, Lui stated. Lui noted Bling is witnessing increased activity in "vertical AI," and is backing companies in fields like construction, manufacturing, finance, and law. Bling secured its fourth investment pool amidst a considerable decline in fundraising for venture capital firms. A distinctive feature of Bling is its focus on aiding founders in achieving product-market alignment. Ling and Lui have been acquainted for many years. Ling was the initial angel investor in Lui's venture, ChoicePass, a corporate benefits and employee rewards platform acquired by Salesforce in 2012. Previously: Long-standing Silicon Valley investor on the most significant hurdle for Seattle's startup ecosystem. Monitor all of GeekWire’s detailed startup coverage: Subscribe to the weekly startup email newsletter; explore the GeekWire funding tracker and venture capital directory; and follow our startup news headlines.