News Summary

Elizabeth Weil’s Scribble Ventures has successfully raised $80 million for its third fund, highlighting the importance of strong networks in the current challenging venture capital environment. Despite a market contraction affecting many new managers, Scribble’s latest fundraising exceeded its $75 million hard cap. The firm, which operates with a collaborative approach, benefits from the ‘Scribble Network,’ a robust ecosystem of operators and executives including high-profile figures from OpenAI, Meta, and Figma. This network supports the firm in deal flow and due diligence. Scribble Ventures has made successful early bets on companies such as Whatnot, Atmo, and Poolside.ai, and it currently manages $216 million in assets. The firm’s ability to adapt and thrive in a tough market is attributed to its flexible investment strategy and strong performance of its earlier funds.