BBG Ventures, the female-focused venture fund formed by AOL, has set a $50m target for its third fund, the first to feature additional LPs.

BBG Ventures, the female-focused venture capital fund spun off by telecommunications group Verizon, is targeting $50m for its third fund, according to a securities filing.

Founded in 2014 as an offshoot of internet and digital media company AOL prior to its acquisition by Verizon, BBG makes early-stage investments in consumer-focused startups with a female founder.

The fund has 45 companies in its portfolio including female members club The Wing, online wedding registry platform Zola, 3D interior design service Modsy and recruitment analytics software producer Pymetrics.

News of the third fund first emerged in February this year. It marks the first time BBG will look to attract capital from external limited partners, a trend that is becoming ever more prevalent for corporate venturers.

AOL had been the sole LP in BBG’s first two funds, supplying $10m each time, but the fund formally spun off from Verizon in late 2018.

BBG has traditionally provided between $100,000 and $500,000 per deal but is now looking to ramp up the level of its investments, general partner Nisha Dua told PE Hub. The filing indicates it has not raised any capital for the new fund thus far.