Early-Stage VC Firm 645 Ventures Closes $347M Fourth Fund and First Select Fund

645 Ventures, a San Francisco and New York-based early-stage venture capital firm that partners with founders building technology companies, closed its fourth fund, Fund IV, and launched its first opportunity fund, Select I, totaling $347 million.

Over 90% of the capital is backed by limited partners including endowments, foundations, fund of funds, family offices, and high-net worth individuals.

With the close of Fund IV and Select I, the firm now manages over $550 million in assets under management across five funds, with more than $400 million to deploy over the next few years to early-stage founders building new infrastructure software, SaaS, and consumer startups that are built on innovative technology.

645 was co-founded by Nnamdi Okike, previous principal at Insight Partners and a board member at the NVCA, and Aaron Holiday, who was previously a software engineer at Goldman Sachs and currently sits on the board of Cornell Tech.

The firm invests at seed between $1 million to $5 million, and up to $10 million at Series A. From the Select Fund, it can invest between $10 million and $15 million.

“Our Fund IV and Select I Fund enable 645 to continue applying the winning formula that has led us to invest in billion-dollar companies at their earliest stages,” said Okike.

The firm has backed multiple companies with valuations exceeding $1 billion, including Iterable, FiscalNote, and Panther Labs, and many companies that have surpassed $100 million of annualized revenues, including Goldbelly, Resident, Bespoke Post, Iterable, and FiscalNote.

Despite the volatile markets over the last couple of months, 645 Ventures has had three exits: the IPO of FiscalNote, and the acquisitions of Rosie by Instacart and SpikeTrap by Reddit.