Lance Armstrong, a famous cyclist and GP, aims to raise $100 million for Next Ventures’ second fund.
Next Ventures, based in San Francisco, has raised its first fund in nearly five years. Its predecessor, a 2019 vintage fund with a target of $75 million, raised $50 million and an additional $10 million through special purpose entities.
Next Ventures Fund II will invest in whole-person health, including preventative care, diagnostics, and healthcare infrastructure.
“We said, hey, this whole consumerization of health is omnipresent,” said Julian Eison, managing partner at Next Ventures, to PitchBook. The fund will write pre-seed, seed, and Series A checks with a combined average check size of $2 million, with a bias for lead rounds, according to Eison.
The investor’s portfolio includes Amp Human, Oura, and Vital Bio.
Armstrong’s comeback to fundraising coincides with increased interest in private investment from current and former athletes. Even entire sports clubs, such as the Atlanta Hawks and the Green Bay Packers, have established venture capital firms in the past year.
Fitness technology has grown in recent years, fuelled by large agreements like Alphabet’s $2.1 billion acquisition of Fitbit in 2021 and Whoop’s $200 million Series F sponsored by SoftBank that same year.
Armstrong’s organisation was co-founded by Lionel Conacher, a former professional Canadian multisport athlete and investor who resigned in 2021, and Melanie Strong, former Nike executive.
Armstrong began making minor angel investments in 2007, according to PitchBook data.He claims that a $100,000 cheque from Lowercase Capital’s Chris Sacca, who invested in Uber at a $3.7 million value, “saved” his family.
Eison said the ultimate close date for Next Ventures’ Fund II has yet to be set, but it may be as early as the summer if demand is robust.
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