VENTURE CAPITAL: Cove Fund aims for $30M in its latest seed-stage fund.

Cove Fund, a seed-stage VC firm that has invested in over 40 Southern California startups, on Oct. 13 launched its third fund, Cove Fund III and announced the completion of its initial closing. The Irvine-based fund is expected to exceed $30 million in capital, more than doubling the size of Cove Fund II, officials said.

“First and foremost, we love working with startups and hungry entrepreneurs,” Fund Manager Paul Voois told the Business Journal. “It’s great to have a fresh fund to fill our tank with capital, so we can help great companies grow and become successful.”

The Cove Fund III is seeking early stage technology and life science companies. It typically leads rounds in the $1 million to $5 million range, and “syndicates out” the rest to its strategic partners, including OC funds Okapi Venture Capital and Ankona Capital, according to venture partner J.C. Ruffalo.

“The support that we’ve received from the local community has exceeded all our expectations, and we are excited to start investing in the next generation of great technology companies throughout Southern California,” fund co-manager Mike Benvenuti said.

The Cove Fund III will make its first investments in the coming months. It anticipates seeing 500 companies apply by the end of 2021.