New York City’s newest VC fund managers are only a few years out of college, and their independent firm, Bowery Capital in New York City, just raised $33 million in capital commitments, according to CNN.
Mike Brown Jr., 29, is the leader of the group — he co-founded AOL Ventures in 2010, and previously worked at Virgin Group. On top of Brown, AOL Ventures is also losing Nic Poulos and Keegan Forte, who will join Bowery as co-founders and who are both in their mid-20s.
Brown has a very specific preference for companies providing “next-generation” solutions. To this end, Bowery will invest in early-stage startups which target the marketing and technology layers in large enterprises– companies that could potentially take on Comscore, Salesforce, or Box. He expects the fund to back around 25 companies with seed and Series A investments between $250,000 and $3 million.
Bowery’s other venture partners are also remarkably young, including Zach Sims of Codecademy and Neil Capel of Sailthru.
The fogies at AOL Ventures are most likely going to have to raise a second fund in the coming months, as its original pool of capital has dried up, but of course that’s no worry to Brown and his merry crew. Best of luck to the Lost Boyz — we’ll be following their investments closely.