Pioneer Square Labs, a Seattle-based startup studio, has raised $20 Million to support its startup efforts.
PSL's startup studio has now raised a total of $32 million, the third round after previous rounds of $12 million and $16 million. PSL Ventures, the venture capital arm of PSL, has raised $180M in two separate funds.
We are experiencing a particularly difficult environment when it comes to early-stage fundraising for technology companies. PSL announced the funding in a blog posting. "Late-stage VC financing has mostly dried up and many VCs prefer to protect their existing portfolios rather than make new investments." "Despite macro-economic and competition headwinds, PSL believes that there's never been a more exciting time to launch a studio."
PSL's Startup Studio helps new businesses grow. PSL's startup studio can help new companies grow. PSL can also come up with an idea and then find experienced founders who will grow the business.
PSL employs 22 people, including designers, engineers, marketers, and others, to assist in the growth of startups. The studio helps startups with human resources and legal issues.
PSL Ventures invests in startups at an early stage in the Pacific Northwest. The venture arm is involved in investments, but does not lead them. PSL Ventures will raise a $100-million fund by 2021.
PSL was founded in 2015. Since then, it has spun off 33 companies. These include the mental health and emergency savings company Joon, as well as the startup studio SecureSave. PSL claims that it has killed 292 business ideas for the 33 companies spun out by the studio. It also states on its website, "Learning from our failures makes us more confident with the ideas we love."
Foundry Group was the leader of this $20 million fund. Vault Capital and Atlas Capital Ventures were also involved, as well as WestRiver Group. Foundry Group also invested in Seattle-based Glowforge, a 3D printer manufacturer, and SeatGeek, a ticketing company.