ABSeed Launches US$19.7M Evergreen Fund to Expand Beyond B2B SaaS Investments

ABSeed has launched ABSeed Winners, a new US$19.7 million evergreen fund designed to expand the firm's investment strategy beyond its traditional focus on early-stage B2B SaaS startups. The vehicle will support follow-on investments in existing portfolio companies while allowing the venture capital firm to invest in later-stage rounds and sectors outside its previous mandate.

The launch comes as ABSeed simultaneously raises another US$19.7 million for its third Seed fund, reinforcing its long-term commitment to backing technology startups.

A fund designed with greater investment flexibility

Unlike ABSeed's Seed funds, which operate under fixed investment mandates and defined timelines, the Winners fund was created to provide greater flexibility in both thesis and investment horizon.

According to Franco Zanette, Partner at ABSeed Ventures, the new vehicle was structured for a group of highly engaged family office investors seeking broader exposure to innovation.

"We have a few highly engaged families, and we created this vehicle to give them greater thesis flexibility. This fund operates alongside the Seed funds—it doesn't compete with them. It also adds a layer beyond software, including pure AI and hardware," said Zanette.

In addition to participating in follow-on rounds for companies backed by ABSeed's first three funds, Winners will also invest as a follower in Series B and Series C rounds, while expanding into sectors the firm had not previously targeted, including hardware.

Existing investors drive the new fundraising

The US$19.7 million raised for Winners coincides with another US$19.7 million fundraising effort for Seed 3, the firm's third flagship fund launched in 2024.

Its portfolio includes startups such as Clinia (healthtech), Harumi (IoT), Teceo (B2B commerce), DGenny (AI for construction companies), and Robbin (fintech).

According to Zanette, approximately 80% of the capital committed to Winners came from investors who were already part of ABSeed's limited partner base, reflecting the confidence built through the performance of the firm's previous funds despite a more challenging fundraising environment.

"Clearly, we had to put in more effort to reach similar fundraising levels than in the past," Zanette said.

Healthcare becomes a strategic priority

With fresh capital available, ABSeed plans to increase its exposure to the healthcare sector, where the firm sees growing opportunities driven by artificial intelligence applications that improve doctor-patient interactions and enable new healthcare delivery models.

Zanette also indicated that additional healthcare investments are expected in the near future while highlighting logistics as one sector the firm has yet to enter.

"There is more coming in healthcare in the near future. One sector we haven't managed to enter yet is logistics. We still haven't found the champion," he said.

Evergreen structure supports long-term portfolio growth

One of the defining characteristics of the Winners fund is its evergreen structure. Unlike traditional venture capital funds with predetermined exit timelines, Winners has no fixed divestment deadline and operates through capital recycling.

This approach allows ABSeed to continue supporting its strongest portfolio companies through multiple funding rounds without the pressure of a closed-end fund lifecycle.

The investor profile is also different from the firm's Seed funds. Winners currently brings together four family offices with backgrounds in industry and technology that are already significant investors in ABSeed's Seed vehicles and now participate as strategic, long-term partners.

"Although the investment theses are different, both funds seek similar returns. Those investing in Winners are already heavily allocated in our Seed funds," Zanette explained.

Expanding opportunities while educating investors

According to Felipe Coelho, Partner at ABSeed, the new fund also formalizes an investment opportunity the firm had already been encountering through its deal flow.

"Initially, it will focus on follow-ons within the portfolio. We were already receiving many Series C opportunities, and now that is becoming an official positioning," Coelho said.

Beyond financial returns, Coelho emphasized that ABSeed aims to provide value to its investors through detailed reporting and continuous education on startup growth strategies and capital efficiency.

"What we consistently hear from our LPs is that, by working with us, they learn and take valuable insights back to their own businesses," he said.