California-based Hardware Club, a community-based venture capital firm, revealed that it has increased the size of its first investment fund to $50 million as it pursues to extend its early-stage injecting impact.
Hardware Club plans to use the funds to support 20 hardware startups in Europe and the United States from pre-seed to series A rounds over the next 18 months.
The company said that its original backers include Foxconn and Arkéa and new backers include Isomer Capital and Draper Esprit.
Hardware Club generates revenue of $3 million annually.