Streamlined VC launches to back infrastructure software startupsJuly 1, 2013: 12:21 PM ET
Streamlined Ventures holds a first close on $25 million fund.
FORTUNE -- Ullas Naik has held a first close on his new fund that will invest in seed-stage infrastructure software companies, Fortune has learned. It's called Streamlined Ventures, and is targeting a total of $25 million.
Naik is a former managing director with Globespan Capital Partners, who left the firm last summer after an 11-year run. His deals with Globespan had included BladeLogic (acquired by BMC Software), Revivio (acquired by Semantec) and Copan Systems (acquired by Silicon Graphics).
"On the consumer side we all saw companies getting to dramatic scale with less upfront capital," he explains. "It's now beginning to happen on the infrastructure software side."
Streamlined will begin as a sole proprietorship, although Naik expects to add partners if the firm's debut fund leads to a second (following the were-worn path of VCs like Mike Maples). He also will transfer some of his angel investing portfolio into Streamlined.
According to his LinkedIn profile, Naik's angel deals include: Addepar, Sidecar, Clever, Applovin, inDinero, Visual.ly, GraphDive, Refer.ly, Bina Technologies, SunLink, PubNub, SnapVolumes, Trigger.io, Citus Data, Ginzametrics, iSwifter, Mcube, Nou Data, Rescale, Ark.com, Authy, Delphi Solutions, Everest, Keen.io, Womply and RolePoint. He also is a limited partner in both Bullpen Capital and Umagination Labs.
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