TMV, a venture capital firm that has shown a hunger for maritime technology companies, has raised more than $64m in its second fund.
The firm said the new fund is six times the size of its initial fund and was oversubscribed, with three global banks among "multiple Fortune 500" institutions backing the effort.
Based in New York, TMV was founded in 2016 by Soraya Darabi and former Dorian LPG investor relations executive Marina Hadjipateras.
"When Soraya and I began TMV, we wanted to invest in early-stage entrepreneurs creating companies that go beyond the bottom line: good for business + good for the world," said Hadjipateras on Twitter.
"With the close of Fund II, I’ve never been prouder to be part of this journey."
Darabi said that the new fund will double-down on the firm's initial strategy.
"What's that, you ask? It's backing early-stage, visionary founders who are building businesses beyond the bottom line and investing in key sectors that drive the greatest impact on our economy, our communities and our planet," she said on Twitter.
JP Morgan Asset Management's alternative solutions group head, Jamie Kramer, said the bank invested in TMV as part of its Project Spark, which aims to invest in "diverse, emerging alternative managers". Other backers of the new fund were not named.
TMV's prior investments include Nautilus Labs, a technology firm that aggregates vessel data to boost efficiency and cut emissions, and container supply chain platform Portcast.
The firm claims that its portfolio has seen 12 exits and a follow-on rate of 90%. Portfolio companies are worth $17bn, the firm said.
