Cowboy Ventures, a Bay Area-based seed-stage focused fund founded by Aileen Lee and now in its 10th year, has announced the close of two new funds totaling $260 million. The funds will focus on investing in startups in sectors such as fintech, healthcare, and e-commerce.

Cowboy Ventures IV, the firm's fourth flagship fund, raised $175 million, while Mustang I, the firm's first Opportunity Fund, raised $85 million. Cowboy Ventures IV will focus on seed and Series A investments, while Mustang I will focus on growth-stage investments. The funds will target startups in sectors such as fintech, healthcare, and e-commerce, as well as companies developing new technologies in areas such as artificial intelligence and machine learning.

We’ll continue to invest in founders who have a unique insight into solving an important business problem in a potentially large and growing market ($Bns). Their product may replace incumbent software, or replace an existing business process with a measurably better, tech-driven solution (like at Dollar Shave Club, Drata, Hone, or Vic.AI). We also get excited to back founders with a vision that will help create a whole new category (like at Guild Education, Lightstep, Mutiny, Tally or Uno).the firm wrote in a blog post.
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