Twelve Below Secures $108M Across Two New Funds for Seed-Stage Investing
New York-based venture capital firm Twelve Below has successfully closed $108 million in capital commitments across two new funds, reinforcing its commitment to early-stage startups with an old-school venture capital philosophy.
The Founders and Their Vision
Founded in 2021 by Taylor Greene (formerly of Collaborative Fund and Lerer Hippeau) and Byron Ling (ex-Canaan and Primary Venture Partners), Twelve Below operates on a high-conviction, high-trust investment model. The duo brings a decade of shared deal experience, including notable investments in Mirror, Papa, and K Health.
“Our mentors told us this old-school approach—small fund size, high ownership, selective investments—drives great returns,” Greene told TechCrunch. “We built the firm around relationships and trust with entrepreneurs.”
Investment Strategy and Portfolio Focus
Twelve Below specializes in leading or co-leading pre-seed and seed rounds, targeting a 10-15% ownership stake in core investments. The firm focuses on New York-based startups across key sectors:
- Fintech
- Healthcare
- Energy
- SMB and Consumer Markets
Key Portfolio Highlights:
- $50M First Fund: Includes Accrue Savings, Odyssey Energy, Croissant, Campus, and Truehold
- 60% Success Rate: Over half of their portfolio companies have secured follow-on funding
The New Funds: \(80M Early-Stage + \)28M Opportunity Fund
The fresh capital is split into:
- $80M Early-Stage Fund (Fund II): For new seed investments (~25 planned)
- $28M Opportunity Fund: Exclusive follow-on funding for existing portfolio companies (5-8 planned)
This brings Twelve Below’s total assets under management to $160 million, backed by institutional investors including university endowments and family offices.
Why an Opportunity Fund?
Ling explained their unique approach:
“We saw a market disconnect where our existing companies showed strong potential for follow-on investment. This fund lets us double down on winners at attractive valuations.”
Differentiators That Set Twelve Below Apart:
- Direct Founder Access: No platform team—founders work exclusively with Greene and Ling
- Trust-Centric Model: Personalized attention over fragmented investor relationships
- Proven Track Record: Rapid portfolio growth with multiple companies progressing to later rounds
What’s Next?
While no Fund II investments have been made yet, the team plans to start deploying capital in early 2024, continuing their selective, high-impact investment strategy in the New York startup ecosystem.
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