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Thiel's Man Hunts $300M for US Tech Bet
24 Feb
Summary
- Managing director seeks $300 million for a new venture fund.
- The fund will target US technology companies outside Silicon Valley.
- Selby previously raised $110 million for his first venture vehicle.
Jack Selby, a managing director at Peter Thiel's family office, is actively seeking up to $300 million from global investors for a new venture fund. His firm, Copper Sky, is preparing for the initial close of this second fund in the coming weeks. Copper Sky has previously secured $110 million for its first investment vehicle, which focused on Arizona-based startups in sectors like bookkeeping and construction.
Selby, an early employee of PayPal, is broadening his investor base beyond his home state of Arizona. He is targeting family offices in the Middle East, Europe, and the central US to fuel investments in technology companies emerging from regions outside traditional venture capital hubs like Silicon Valley. This strategy aligns with a broader trend of developing tech ecosystems in new geographic areas, partly due to remote work and cost considerations. Regions outside the traditional East and West Coast venture centers accounted for over half of pre-seed or seed deals in the fourth quarter.
