Venture Capital Fund, a new venture capital firm, has announced that it has raised $2.2 million in venture capital funding from three of the world’s top venture capital firms, including Sequoia Capital, Sequoias Digital Ventures and Accel Partners.
The firm’s first fund, called the Venture Capital Foundation, is now the second largest venture fund in the world behind Sequoian Capital, according to the company.
“The venture capital industry has seen a dramatic shift in focus over the past two years as the world has moved toward a world in which digital and AI technologies have opened the doors to new business opportunities,” said Paul Bostock, founder and CEO of the Venture VC Fund.
“We believe that the investment of this magnitude is a huge step toward creating the world we want for our children.”
The venture capital sector has seen significant growth over the last two years.
Venture Capital Index data show venture capital has grown by about 40 percent, and is now worth $2 trillion.
In 2016, venture capital accounted for about 11 percent of the U.S. economy.
The funding comes as a new round of funding from Sequoians Digital Ventures, Sequos Ventures and the Accel Capital Fund aims to create an “infrastructure for a more inclusive, inclusive and accessible future,” according to a statement.
In December, Sequoro Ventures launched its first fund to help fund technology-based companies.
“As our industry continues to accelerate towards a world where AI and AI-enabled applications will take over almost everything, we believe this fund is a critical piece of the puzzle to provide more than just an additional layer of liquidity to these companies,” Sequoius Ventures CEO Andrew Nesbitt said in a statement at the time.
Sequoios Digital Ventures has already raised $1.2 billion, with Sequois Venture Partners also backing the firm’s initial fund.
The investment from Accel was made in October 2016, according the firm.
“Our initial investment was for Sequoiance to help us create a fund that would help accelerate the rapid development of digital and augmented reality technology and to fund the creation of an infrastructure for a better, more inclusive and inclusive future,” Accel said in an earlier statement.
The Accel fund is led by Paul B. Bostick, who has been involved in many of the companies that have been investing in digital and AR technologies.
The fund’s second fund, the Sequoion Venture Fund, will invest $1 billion.
“Sequoia is an early-stage investor in Sequoio and Sequoity, two companies building new kinds of products for the AR/VR market,” Sequos Venture Partners CEO Rob McFarland said in the statement.
“With the Sequoquia fund, we are able to offer a broad base of capital to fund a wider array of opportunities in the AR and VR markets.”