In 2009, a small group of capital was pooled together by Dave Morin, an early Facebook employee, to create a venture firm focused on backing innovative ideas and fostering successful companies. The result was Slow Ventures, which has since gone on to support some of the most promising startups in Silicon Valley, including Slack, Casper, Postmates, and Airtable.
Today, Slow is announcing its fourth significant fundraise: $220 million for two funds. Specifically, the firm has secured $165 million for its fourth flagship seed fund and an additional $55 million for its first follow-on fund. Morin, who played a crucial role in building the Facebook Platform and Facebook Connect during his tenure at the social media giant, will be taking a step back from the fund, as will Scott Marlette, who joined Slow in 2016 after co-founding GoodRx.
A Shift in Investment Strategy
"With our first Opportunity Fund, we’re excited to be able to invest additional capital in existing Slow portfolio companies as they scale, while also now being able to invest for the first time in more mature growth-stage companies that we missed earlier on," the partners wrote in the fund announcement.
The departure of Morin and Marlette marks a significant change in the firm’s leadership. However, both will remain active in supporting existing portfolio companies but have decided to step back from making new investments. "Dave is actively exploring some entrepreneurial projects while also focused on Sunrise (a non-profit he started that focuses on doing, funding, and communicating the best brain science)," Slow managing director Kevin Colleran told TechCrunch via email. "Scott is taking some time off from venture capital and may eventually start another company of his own like he did previously with GoodRx."
A New Era for Slow Ventures
With Morin and Marlette departing, Slow’s partnership now includes Colleran, former Facebook vice president of product management Sam Lessin, and Will Quist, who joined as a partner in 2015 after eight years at Industry Ventures. The firm is no longer the "Facebook Alumni Fund," as it was once known.
"We were backed exclusively by five friends from Facebook’s early days who were eager to support the next generation of tech entrepreneurs," Slow’s partners wrote. "Over time, that group of friends grew beyond the Facebook network to include other founders, professional investors, and executives from notable tech companies both within and beyond Silicon Valley."
A Generalist Fund with Global Reach
Slow considers itself a generalist fund, investing across geographies and industries, from digital health and wellness to enterprise to space. The firm closed its third fund in 2016 on $145 million.
"We don’t limit ourselves to specific industries or geographies," Colleran explained. "We’re looking for companies that have the potential to disrupt markets and create significant value."
Expanding Investment Horizons
The new funds will allow Slow to expand its investment horizons, investing in more mature growth-stage companies and providing additional capital to existing portfolio companies as they scale.
"We believe that this fundraise is a testament to the trust our investors have placed in us," the partners wrote. "We’re excited to continue supporting innovative entrepreneurs and companies that are pushing the boundaries of what’s possible."
A New Chapter for Slow Ventures
As Morin and Marlette depart, the firm is embarking on a new chapter in its history. With Colleran, Lessin, and Quist at the helm, Slow is poised to continue supporting innovative startups and entrepreneurs.
"We’re grateful for the opportunity to have worked with Dave and Scott," Colleran said. "We’re excited to see what the future holds for them, and we’re confident that our new partnership will enable us to continue making a meaningful impact in the startup ecosystem."
About Slow Ventures
Slow Ventures is a venture firm based in Silicon Valley, backed by a group of friends from Facebook’s early days. The firm has invested in some of the most promising startups in the region, including Slack, Casper, Postmates, and Airtable.
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