Harpoon Ventures, the forward-thinking venture capital firm founded by former Olympic swimmer Larsen Jensen, is making waves in the investment landscape with the announcement of a new $125 million fund. The fourth fund, expected to close this Friday, underscores Harpoon’s commitment to fostering early-stage startups that push the boundaries of dual-use technologies—commercial products with applications both in the private sector and federal agencies.
Harpoon Ventures: Navigating the Seas of Innovation
The $125 million fund, slightly larger than its predecessor, highlights the continued success of Harpoon Ventures in attracting investments. Founded five years ago, the firm has made a mark by backing around four dozen startups, focusing on dual-use technologies that seamlessly blend commercial viability with federal applications.
Larsen Jensen, the founder and a former Olympic swimmer, expressed the firm’s dedication to shaping the “next generation of outcomes.” The decision to write early checks and hold shares in perpetuity sets Harpoon apart, emphasizing a commitment to building an enduring organization rather than opting for quick returns when private valuations rise.
Dual-Use Technologies and Startup Portfolio
Harpoon Ventures has strategically positioned itself in the realm of dual-use technologies—innovations with dual applications in both commercial and federal sectors. Notable startups in its portfolio include Solugen Inc., a clean tech provider, and Astranis Space Technologies Corp., a satellite company. The latter recently secured deals with the US Department of Defense and achieved a valuation of $1.6 billion.
Larsen Jensen’s vision for Harpoon Ventures aligns with creating an organization that stands the test of time. His background as a former Olympic swimmer and Navy SEAL, coupled with experience at venture firms Andreessen Horowitz and Lightspeed Venture Partners, brings a unique blend of resilience and strategic insight to the table.
Harpoon’s long-term perspective extends to its investor relationships, with a focus on creating enduring partnerships. Jensen’s commitment to longevity is reflected in the fund’s structure, emphasizing a perpetual holding of shares rather than a quick exit strategy.
Influential Backers: A Winning Combination
Harpoon Ventures has attracted a roster of influential backers, including Andreessen Horowitz veteran Peter Levine and former Olympic swimmer Michael Phelps. Both individuals bring diverse expertise to the table, contributing not only financial support but also valuable insights and networks.
Peter Levine’s personal investment in Harpoon’s latest fund underscores the firm’s deep knowledge of Defense Department operations—an invaluable asset in navigating the intricacies of federal applications. In an email, Levine highlighted Harpoon’s expertise in mapping the government landscape, understanding business dynamics, and navigating the complexities of government procurement cycles.
Harpoon Ventures’ successful fundraise comes against the backdrop of a challenging fundraising landscape in 2023. With the market for initial public offerings remaining sluggish, US-based venture firms faced difficulties, having raised just $42.7 billion by the end of the third quarter—a pace potentially leading to the lowest full-year total since 2017.
Despite the challenging fundraising environment, Harpoon Ventures persevered, and the $125 million fund speaks to investor confidence in the firm’s vision and track record. Some limited partners initially expressed hesitancy to invest under current market conditions, revealing the resilience required to secure commitments in such times.
Harpoon Ventures, with its latest $125 million fund, is setting sail for a future marked by innovation, longevity, and strategic investments in dual-use technologies. Larsen Jensen’s unique background, coupled with influential backers like Peter Levine and Michael Phelps, positions the firm at the forefront of ventures that bridge the gap between commercial and federal applications. As Harpoon Ventures continues to navigate the seas of innovation, its commitment to shaping the next generation of outcomes stands as a testament to its enduring vision in the ever-evolving landscape of venture capital.