The Woodside, California, firm in late 2017 quietly raised $151 million for its maiden fund to make Series A deals on the West Coast. The majority of its investments are in the Bay Area; Defy has portfolio companies in Seattle and San Diego, too.

Led by Neil Sequeira and Trae Vassallo, Defy invests in entrepreneurs and companies looking to solve complex problems using leading-edge technology to create real business leverage. The focus is on early series A lead investments where it commits $3-10m in initial financing for real ownership while reserving significant capital for follow-on financing.

“When we first got together, we saw that there was, at the time, a proliferation of seed capital,” Sequeira said. “For multifaceted reasons, it was easier for companies to raise seed or later-stage capital. We saw there was an opening to go for where the returns have always been great, and that’s in early series…

Seed-stage startups increasingly say they struggle to graduate to the next funding level when they seek large Series A rounds.

Defy Partners, a Silicon Valley investment firm launched in 2017 by a pair of seasoned venture capitalists, has secured $262 million for its sophomore fund.