Next Coast Ventures’ Team, courtesy photo

Next Coast Ventures announced this week it has closed on its fund of $130 million.

The Austin-based venture capital firm previously raised an $85 million fund in March of 2017.

“Next Coast Ventures’ progress is a direct result of the hard work and dedication of the founders in our portfolio,” Michael Smerklo, co-founder and managing director of Next Coast Ventures, said in a news release.

Next Coast Ventures focuses on funding early-stage ventures, primarily in Austin and Texas. The firm has nearly doubled the size of its team and its Entrepreneurs Council in the past six months.

Recently, Next Coast Ventures added Zaz Floreani to its deal team as a principal, Jonathan Kaplan as chief operating officer and Sarah Puil as entrepreneur-in-residence. It also added HomeAway Co-founder Brian Sharples, RetailMeNot Founder Cotter Cunningham and SaaS entrepreneur Julian Castelli to its growing Entrepreneurs Council to mentor and advise its portfolio leadership.

Next Coast Ventures announced its first investment out of NCV II in July, leading the $12.5 million Series C round in Austin-based software review platform, TrustRadius.

“We are very fortunate that our LPs have continued to invest in Next Coast Ventures, we’ve had big goals from the beginning and while we’ve already seen some indicators of success, we plan on continuing to keep our heads down, work hard and do everything we can to serve great entrepreneurs in Austin and other Next Coast markets,” Thomas Ball, co-founder and managing director of Next Coast Ventures, said in a news release. “We have seen incredible growth in these rising innovation hubs since we founded our firm in 2015 and know that cities like Austin will continue to be a prime example of what is possible outside the coasts.”

Next Coast Ventures’ first fund invested in over 30 portfolio companies located in Next Coast markets, including Texas, Montana, Utah, and Minnesota.

Next Coast Ventures’ portfolio includes Austin-based Phlur, EverlyWell, Tenfold, 101Commerce, AlertMedia, TrustRadius, and enboarder, ScaleFactor, OnRamp, LeanDNA, Dropoff, SeriesX, Rosso&Flynn, Dosh, Diligent Robotics, Swivel, Stoplight, Aceable, Osano, College Consortium, and Backtracks.