The news: Maveron, a venture capital firm founded 24 years ago that invests in consumer-oriented startups, raised $225 million for its eighth fund.
Why it matters: It’s one of the largest funds for Maveron, started in 1998 by Starbucks CEO Howard Schultz and Dan Levitan. The firm, which raised $180 million in 2019 for its seventh fund, has backed eBay, Groupon, Shutterfly, Trupanion, Zulily, and others. More recent investments include Pacaso, Booster Fuels, Imperfect Foods, Modern Fertility, and more. It invests in companies across the U.S.
Maveron’s approach amid economic uncertainty: “Growth stocks are crushed, consumer sentiment is down and a recession may be on the horizon,” Maveron partner Jason Stoffer wrote on Twitter. “History does not repeat itself, but it always rhymes. We postulate that what will enable the next iconic consumer brands to emerge from this recession isn’t a platform shift, but rather hugely disruptive changes in behavior.”
Stoffer added: “We are asking: how do cities change as people spend more time at home and less in offices? What does a labor force comprised primarily of gig workers look like? How will inflation impact what consumers buy? Will web3 models change the governance & structure of new brands?”
Purpose and profit: Maveron, which has offices in Seattle and San Francisco, is unique among VC firms as it recently became a Certified B Corporation, or a “B Corp.” The designation is given to for-profit companies that adhere to standards for social and environmental performance, public transparency, and legal accountability. Read more.
Team changes: Maveron announced Tuesday that it hired Grace Chou as partner. Chou was previously principal at Felicis Ventures. It also promoted Natalie Dillon to partner and Jerry Lu to principal.
