Asymmetric Capital Partners Announces $137 Million Fund II to Back Early Stage Founders

Firm builds on top 5% Fund I with more concentrated ownership, sector expertise, and an operator-led model

NEW YORK, Oct. 17, 2025 /PRNewswire/ -- Asymmetric Capital Partners ("Asymmetric"), an early-stage technology investment firm launched in 2021, today announced the close of Asymmetric Fund II at $137 million, surpassing its $125 million target. The fund attracted strong support from return investors in Fund I, alongside new family offices and institutional LPs who share conviction in the firm's differentiated approach. This brings Asymmetric's total AUM to over $240 million.

Fund II continues Asymmetric's focused strategy of high-conviction, operator-led investing at the earliest stages of company formation. The fund will continue to target concentrated ownership in companies where a single outcome has the potential to return the fund. Investments will range from $2–10 million as a lead in Pre-seed through Series A rounds, with a focus across three core areas:

• Vertical Software for Legacy Industries — Backing platforms that modernize workflows and unlock efficiencies in large but underserved markets.
   
• Healthcare IT & Services — Partnering with founders building technology to improve care delivery, reduce costs, and enhance patient outcomes.
   
• SMB Consolidations ("Rollups") — Supporting technology-driven operators consolidating fragmented industries to create category leaders.

"With Fund II, we're doubling down on the strategy that made Fund I so successful: disciplined, high-conviction investing in sectors where we bring deep expertise and real operational value," said Rob Biederman, Managing Partner. "This fund is designed to be more concentrated — allowing us to take meaningful ownership stakes and work shoulder-to-shoulder with founders to build enduring companies."

Strong Results from Fund I

Launched in 2021 with $105 million, Fund I backed 29 core investments and has already seen three successful exits: Torc (acquired by Randstad), EvolutionIQ (acquired by CCC Intelligent Solutions), and Zorus (acquired by DNSFilter). Fund I ranks in the top 5% of its vintage by DPI and has outperformed across all metrics — validating Asymmetric's disciplined, operator-centric model (source: Cambridge Associates).

Only 8% of first-time venture funds from the 2021 vintage have successfully raised larger successor vehicles, highlighting the significance of the Fund II close in what has been a historically challenging fundraising environment (source: Pitchbook).

Backed by Operator-Oriented LPs

Asymmetric's investor base in Fund II consists of value-added LPs, many with direct experience in venture-backed operations, investing, or scaling technology businesses. Additionally, the General Partner team has committed over $5 million of personal capital to Fund II, underscoring alignment with LPs and confidence in the long-term strategy.

"I've seen firsthand how rare it is to find investors who combine high conviction with humility, speed, and strategic depth," said Chris Douvos, founder of Ahoy Capital, a Limited Partner in Fund II and long-time institutional investor known for writing early checks into new venture firms that have become blue chip names, among them First Round Capital. "The Asymmetric team stands out not only for their results, but for how they achieve them — with respect, thoughtfulness, and genuine partnership."

Loved by Founders

A significant share of Asymmetric's deal flow comes from existing founders — a testament to the firm's reputation among entrepreneurs.

"What sets Asymmetric apart is how deeply they commit. They understood our vision right away and have supported us across every front — recruitment, strategy, and fundraising," said Muthu Alagappan, Founder & CEO of Counsel Health. "They've been true partners, always stepping in with the right support at the right time."

About Asymmetric Capital Partners

Founded in 2021, Asymmetric Capital Partners ("Asymmetric") is an early-stage technology investment firm purpose-built to back founders with conviction, concentration, and real operational support. The firm invests in disruptive technology-driven companies in the Pre-seed through Series A stages. Asymmetric's DNA is different by design: its team blends rigorous investing experience with hands-on operating expertise, having built, scaled, and acquired companies themselves. This allows Asymmetric to partner with founders as true thought partners — from refining an idea pre-launch to building go-to-market strategies, recruiting key executives, or pursuing acquisitions. With over $240 million in assets under management, Asymmetric has backed nearly 90 companies to date, with Fund I ranking in the top 5% of its 2021 vintage. The team, composed of managing partner Rob Biederman, partners Nancy Chou and Sam Clayman, head of portfolio and platform Michele Spitzer, and chief operating officer Sarah Unger Biggs, actively pursues investments in New York City, Boston, and San Francisco.

Media Contact
Kelsey Cullen, KCPR
[email protected]
650.438.1063

SOURCE Asymmetric Capital Partners