Homebrew, a venture capital firm, is reportedly seeking to raise $50 million for a new fund, as indicated by a recent filing with the U.S. Securities and Exchange Commission. This move comes as a surprise, considering that Homebrew had communicated its intention to adopt a more stage-agnostic evergreen model nearly two years ago, funded solely by its general partners, Satya Patel and Hunter Walk. However, it’s not uncommon for firms to raise additional funds to target specific opportunities, such as creating an opportunity-focused fund alongside their main vehicle.

When contacted by TechCrunch for a comment on the recent filing, Hunter Walk mentioned that he couldn’t disclose any information publicly at this time. According to an anonymous source, Homebrew has been utilizing Special Purpose Vehicles (SPVs) to write pro-rata checks into certain follow-on investments and is now looking to raise a dedicated fund for this purpose.

Based in San Francisco and historically focused on seed-stage investing, Homebrew has made approximately 200 investments since its establishment in 2013. The firm has backed notable companies like Winnie, Finix, Concentric AI, Mercury, and Plaid, with over three dozen portfolio companies experiencing successful exits, including Cruise, Weave, and Cheddar.

In its most recent venture, Homebrew led a $12 million Series A round into Slang.ai, a platform designed to automatically answer phone calls for various brick-and-mortar businesses, including restaurants and retailers. Back in March 2022, Homebrew announced its shift to an open-ended fund structure with no specified termination date.