Key facts
- Vermilion Cliffs Ventures closed a $25 million Fund II.
- The fund will back startups in AI infrastructure, security, and dev tools.
- Ashley Smith, a solo GP, founded the firm in 2023.
- The average check size for Fund II is between $500,000 and $1 million.
- The firm plans to invest in at least 25 companies over two and a half years.
- Vermilion Cliffs Ventures previously raised a $13 million debut fund.
Vermilion Cliffs Ventures announced on Wednesday the close of its $25 million Fund II. The firm, founded in 2023 by operator-turned-investor Ashley Smith, is one of the few solo women general partners in venture capital. Smith stated that this new fund will continue the firm's strategy of investing in technical founders, with a particular focus on companies building in AI infrastructure, security, and developer tools.
Smith mentioned that raising the new fund took approximately four months, with a significant portion of the capital coming from existing investors. Fund II anticipates an average check size ranging from $500,000 to $1 million. The firm aims to invest in at least 25 companies over the next two and a half years, having already made six investments. Its debut fund, which raised $13 million, supported 35 companies, including cybersecurity startup Keycard and AI infrastructure company CopilotKit.
Drawing on her experience in marketing roles at companies like Twilio, Facebook, GitHub, and GitLab, Smith emphasized her goal to assist founders with go-to-market strategies. She noted that many early-stage firms focus on helping founders secure subsequent funding rounds, but she aims to provide practical guidance to help them generate revenue, particularly in the specialized areas of selling to developers and security teams.