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Urban Innovation Fund Raises $121M to Up Ante on Urban Tech

The firm, which has put money down on several gov tech companies in the past, said it will increase its average check size as it continues to focus on early stage startup investing in urban tech.

Urban Innovation Fund, a longtime early stage investor in gov tech companies, has raised $121 million to continue that work.

Urban Innovation Fund III contains $101 million, which Managing Partner Clara Brenner told TechCrunch will be doled out in checks averaging $1.5 million. The firm also put together a $20 million opportunity fund, which it can use to invest in later stages for breakout portfolio companies.

The fund is not gov tech exclusive; its mission is to invest in the future of cities. Its portfolio companies, of which it lists 44 on its website, range from HR software to water tech to financial technology. It’s enjoyed several exits, including the water utility tech business Dropcountr, which was acquired by Hearst Corp. subsidiary KUBRA in January.

Other gov tech bets from Urban Innovation Fund include the transportation data startups Ride Report and Route Reports, blockchain voting company Voatz and water management business Apana.

Urban Innovation Fund will use its third fund to continue to invest in the pre-seed and seed stages, according to an email from the firm.