Hustle Fund, a venture capital firm established by experienced entrepreneurs and operators, has secured $30 million for a new investment fund, according to filings with the Securities and Exchange Commission. The firm initially submitted documentation for this fund – its second to date – in May 2019, aiming to raise $50 million. The company’s first fund successfully closed with $11.5 million in capital.

Representatives from Hustle Fund were not available for comment as they are currently focused on completing the fundraising process.

Hustle Fund was founded by Elizabeth Yin and Eric Bahn, both previously partners at 500 Startups, with a specific focus on providing early-stage funding to software companies. The firm’s typical investment strategy involves an initial investment of $25,000 in companies that generally have a functional minimum-viable product, followed by support to facilitate their development. According to the firm’s website, they make approximately 50 investments annually.

This represents a concentrated and deliberate investment strategy, which has enabled Hustle Fund to participate in funding rounds for companies like Webflow, NerdWallet, and The Pill Club. However, as the pre-seed funding landscape evolves and initial investment amounts increase, larger fund sizes may become essential for venture capital firms to maintain access to promising deals. Therefore, an increase in fund size after several years of operation is both logical and anticipated.

Despite this growth, Hustle Fund is not expected to significantly alter its investment criteria in the immediate future. Elizabeth Yin recently discussed her firm’s investment preferences during an appearance at Extra Crunch.

“While allocating capital to accelerate experimentation can be beneficial, its impact is limited,” Yin explained. “Financial resources alone cannot accelerate the pace of implementation; it is the speed of acquiring knowledge that truly matters. There is a natural limit to how much investment can enhance the rate of learning, particularly in the early phases of a company’s development.”