Jason Lemkin has secured $70 million for his debut venture fund focused solely on the SaaS, enterprise and B2B spaces. The vehicle will invest between $1 million and $4 million in around 15 core companies, according to an interview Lemkin conducted with TechCrunch, and will keep about half of its capital in reserve for follow-on deals. Lemkin is the sole GP for the fund; he'll look to back companies that already have revenue and customers and are looking to scale.
Lemkin has made a name for himself in the VC industry in recent years. In addition to an existing portfolio of SaaS companies, he also started SaaStr, an online community dedicated to educating SaaS founders and execs. His Twitter account is also extremely informative on all things VC, as are his plentiful Quora answers. And Lemkin is speaking from experience, having previously founded electronic signature business EchoSign before selling to Adobe. All of that expertise combined with a passion for SaaS startups makes this inaugural fund one to watch.