Max Altschuler of GTMfund has successfully raised a second fund totaling $54 million, surpassing his initial target of $50 million. GTMfund is characterized by its operator-led investment approach, drawing limited partners from successful tech companies who not only invest capital but also aid in mentoring startups, particularly in sales. The first fund received backing from 250 operators and supported notable companies like AI composer Writer and Vanta. With proven success, the second fund attracted increased participation, with 300 operator LPs and six institutional investors.
They are, for the most part, active at their current company, or maybe just finished a run at a company that went from zero to a couple hundred million in revenue.
In addition to contributing their cash, LPs also help mentor the portfolio companies in sales strategies - an area where many startups need help.
With that track record, Fund II attracted 300 operator LPs, as well as six institutions including Bain Capital Ventures, HarbourVest, Inovia Capital, and Franklin Park.
Altschuler was once employee No. 8 at Udemy, running sales through its early days. He later helped with startup community SaaStr.
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