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Trilogy Equity Partners Raised Its Second Fund in 2022 to Back Pacific Northwest Startups

Trilogy Equity Partners’ second fund exceeded its $150 million target in 2022. Here’s what was reported about its startup focus, stages and typical checks.
From TheFinanceBase Team2 min to read
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Trilogy Equity Partners raised more than $150 million for its second fund in 2022, exceeding its $150 million target. The Bellevue-area venture firm said it would use the capital to invest in early-stage startups, primarily in the Pacific Northwest. The exact amount raised was not disclosed.

What is Trilogy Equity Partners?

Trilogy Equity Partners is a venture-capital firm based in the Greater Seattle area. It was founded in 2006 by wireless-industry executives, including Seattle Mariners chairman John Stanton, initially to invest in wireless-related startups. The firm later broadened its investment scope. GeekWire reported the history and fund announcement on May 2, 2022; Trilogy also describes its 2006 founding on its About page.

How much did Trilogy raise for its second fund?

Trilogy said its second fund raised more than $150 million. That was above the $150 million target reported in 2022, but neither the firm’s About page nor GeekWire’s account gives an exact final amount. GeekWire described the amount as meaningfully above the target and said the firm did not disclose the precise figure. GeekWire’s 2022 report and Trilogy’s About page support the greater-than-$150-million figure.

What does Trilogy invest in?

According to GeekWire’s 2022 report, Trilogy planned around 20 investments from the fund, focusing on seed-to-Series A startups. Its typical investment was expected to be $2 million to $4 million per company. The firm considered both business-to-business (B2B) and business-to-consumer (B2C) companies and did not name one sector as its exclusive focus. These figures describe the strategy reported for the fund in 2022; they do not establish current investment capacity or terms.

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Pacific Northwest emphasis

Trilogy said it primarily backed companies in the Pacific Northwest. For founders, that makes geography a key fit alongside stage, check size and business model. “Primarily” does not mean the firm invested only in the region, and the reported strategy does not guarantee that it is currently considering a particular company.

Operator experience and founder support

Trilogy presents its operating background as part of what it offers founders. Its About page lists support with go-to-market planning, customer feedback, partnerships, hiring, pivots and follow-on fundraising. The page attributes this statement to founder John Stanton: “We have grown and exited businesses as operators ourselves here in the Greater Seattle Area, and we started Trilogy to help others do it too.”

What are examples of Trilogy’s earlier investments?

GeekWire’s 2022 article cited Remitly, Makara and Pushspring as prior investments. In that account, Remitly had gone public in 2021, Makara had been acquired by Betterment in 2022, and Pushspring had been acquired by T-Mobile in 2019. These are examples named in that report, not a complete or current portfolio list.

The same 2022 report said Trilogy had invested $250 million across more than 80 companies from its original fund. Trilogy’s current homepage displays firm-level figures of 84 companies, more than $300 million in capital invested, more than $2 billion in value creation and 25% female CEOs. Those are changing, firm-published totals, not audited performance figures for the second fund or a fund-specific return record.

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What is known about the fund now?

A 2023 Trilogy announcement confirmed that the firm was investing out of its recently raised second fund at that time. The available figures do not establish the fund’s exact close amount, remaining dry powder or current capacity to make new investments. Founders evaluating Trilogy should confirm its present focus and availability directly with the firm rather than treat the 2022 strategy as a current commitment.

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