Houston venture group closes $64M fund and rebrands with new name
A Houston venture investment group has announced today that it has a new name to go along with the recent closing of its second fund.
Cottonwood Venture Partners, a Houston-based firm focused on funding startups with software solutions for the energy industry, has closed its $64 million Fund II and renamed itself Montrose Lane.
"Our mission is to uphold a creative and fast-moving approach to partnering with software companies that help make energy affordable, safe, and environmentally friendly," says Jeremy Arendt, managing partner, in a news release. "For several reasons, 'Montrose Lane' captures that vision for us."
The new name is effective immediately, and the leadership at the firm is remaining the same. Chicago-based Kirkland & Ellis LLP served as fund formation counsel to Montrose Lane.
Montrose Lane's second fund — which is double the size of its first — included both new and previous investors, as well as strategic corporations. Founded in 2017, the fund has raised about $100 million in commitments.
"We are humbled to have had such supportive partners behind us since we first set out to invest in technology companies changing the way the energy industry does business," says Ryan Gurney, managing partner, in the release. "The global pandemic has only accelerated the need to adopt digital solutions throughout the energy industry. We are excited to pursue the opportunity alongside our existing and new investors."
Last year, Montrose Lane led several Texas energy tech startups' funding round, including Austin-based HURVData Inc.'s $5 million series A round, Dallas-headquartered Trivie Inc.'s $5 million series A round, Houston-based Hitched.com's $5.5 million series A, and Houston-focused Ambyint's $15 million series B.