RevTech Retail Technology Announces $10 Million Follow-On Fund
Originally posted here.
RevTech, a Dallas-based seed fund and venture accelerator focused on early-stage innovation, today announced the initial close of a $10 million follow-on fund. This new fund allows RevTech to support its portfolio companies as they scale, with investments ranging from pre-seed to series A.
As was the case with its inaugural follow-on fund in 2017, the new follow-on fund is larger than the sum of all RevTech funds prior to 2018. The majority of the funds will be allocated into follow-on investments in RevTech accelerator graduates that are demonstrating market traction, validation and success.
“It’s with great pleasure that we are announcing our largest fund to date, enabling us to make more investments that will accelerate the growth of our innovators and entrepreneurs,” said David Matthews, Managing Director of RevTech. “RevTech attracts seasoned innovators from across the country and brings their technology to Dallas, home to one of the top retail markets in the country and an overlooked venture market. This fund will be critical to allowing us to invest in the success of our program’s graduates and strengthen the retail tech industry in the area.”
RevTech also announced that Mike Barnes has joined the RevTech board and investment committee. Barnes, a co-founder of Fossil, former CEO of Signet, and former Chairman, CEO and President of Francesca’s Holdings, was instrumental in raising RevTech’s new follow-on fund and brings robust retail experience to the board and investment committee.
“We’re excited to leverage Mike’s experience on behalf of RevTech and its portfolio. Not only was he a co-founder of one of the world’s major retail brands, he led three very different national retailers during the past 25 years. Mike has a deep understanding of the industry and the types of innovation that will make the most positive impact,” said Matthews.