Global venture firm G Squared closes new $1.2B fund and announces expansion to Miami

Another Silicon Valley venture firm is setting up shop in Miami.

G Squared, a San Francisco-based global growth-stage venture capital firm, announced today the close of its new $1.2 billion venture fund, G Squared V, and as part of the announcement the firm said it will soon be opening an office in Miami.

The new office will join the firm’s other physical locations in Chicago, San Francisco, Zurich and Greenwich. In addition to setting up shop in an emerging tech ecosystem that has experienced a lot of momentum this year, G Squared’s Miami office could also play a key role in the venture firm’s plans to expand its reach in Latin America. G Squared Principal Rodrigo Alvarez will be part of the new Miami office, as well as analysts Gabriela Oliveira and Fernando Naranjo.

The firm focuses on investments in growth-stage technology companies through the life-cycle of their businesses. The partners have invested in nearly 100 portfolio companies since it was founded in 2011. The newest fund will focus on fintech/insurtech, consumer internet, mobility and SaaS, G Squared said. Notable holdings include 23andMe, Coursera, Instacart, Lyft, Pinterest, Spotify, Brex, Impossible Foods, Toast, Turo and FIGS.

“Since our founding, G Squared has partnered with top-tier management teams across the globe, empowering them to drive innovation and disruption through technology,” said G Squared Founder and Managing Partner Larry Aschebrook, in a statement. “G Squared is poised to create new possibilities from our centers in North America and Europe while we expand our reach in Asia Pacific and Latin America. This new fund is the next chapter of our story, and we are grateful to our partners for their continued belief in our strategy.”

As part of the great migration of investors and founders to the Magic City over the past year, the Miami area has welcomed a number of new offices for prominent venture firms, such as Founders Fund, Atomic and General Catalyst and a large expansion by SoftBank. Florida Funders also also recently opened a Miami office, and a number of NYC investment firms have put down Miami roots, including Harlem Capital and Alpaca.

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Nancy Dahlberg