Tamarack Global Closes Its $72M Opportunities II Fund

DARIEN, Conn. and LOS ANGELES, Oct. 30, 2024 ~ Tamarack Global, a leading early stage deep-tech venture capital fund, has recently announced the successful close of its Opportunities II fund at $72 million. This marks a significant milestone for the firm, as it is more than double the size of their flagship fund and brings their total assets under management to over $211 million.

According to John McCormick, founder and managing partner at Tamarack Global, this achievement is a testament to the firm's belief in helping others succeed. "Since our inception, we believed that the greatest compounding effect that we can have has been helping others to succeed," said McCormick. "Our Opportunities I fund was launched with the aim of identifying visionary founders who were focused on building generational companies, while going after the largest end-markets in the world. We are delighted to close on Opportunities II, which will invest in solutions that solve the most pressing problems we face as a society today."

The momentum for Tamarack Global has only accelerated with follow-on initial investments made in their first fund into Opportunities II. The fund has already deployed capital in notable companies such as Figure AI, Impulse Space, CHAOS Industries, Rainmaker Technology Corp., Rilian Technologies, Terminal, Blue Energy, Fuse Energy, and Earth AI.

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Managing partner Jamie Lee also emphasized the firm's long-term investment strategy despite short-term market volatility. "Short-term volatility should not create drastic shifts in investment strategy," said Lee. "Instead, it can open new markets and foster innovation. As technological shifts continue to accelerate with rapid advancements in AI & ML—and the subsequent collapse of cost-curves within digital and physical industries—we remain steadfast in our focus on atoms & bits and founders who are driving change in their respective industries."

Tamarack Global's first fund was formed in 2019 and raised $31.3 million. In addition to this amount, they also invested an additional $55 million alongside the fund via co-investments. The fund focused on early seed and Series A companies, with a particular interest in the energy transition, defense-tech, space economy, robotics & automation, and AI industries. Fund II will follow a similar strategy.

Brett Adcock, technology entrepreneur and founder/CEO of Figure, praised Tamarack Global for their support of deep tech and ambitious founders. "Tamarack Global is one of a handful of under the radar funds that are truly backing deep tech and highly ambitious founders out to change the world," said Adcock.

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Tamarack Global's dedication to advancing the manufacturing industry through technical innovations has also led to the launch of the New American Industrial Alliance (NAIA) in 2024. This was announced at the Reindustrilize Summit held in Detroit and was spearheaded by Tamarack's General Partner Austin Bishop, who is also co-founder of Atomic Industries. Bishop saw an opportunity to capitalize on innovation happening in AI, robotics, materials, and software and believed that investors were looking to make meaningful investments in these opportunities. NAIA's goal is to make industrial activities the powerhouse of the American economy once again through innovation and smart policy.

Bishop stated that NAIA's mission aligns perfectly with Tamarack Global's investment focus. "NAIA is rapidly building a significant coalition across companies, institutional investors, and government officials to accelerate rebuilding U.S. industry, and to reduce reliance on at-risk global supply chains," said Bishop.

With their successful close of Opportunities II fund and their continued support for transformative companies, Tamarack Global remains a key player in driving innovation and growth in various industries. Their dedication to helping others succeed has not only benefited their investors but also contributed to positive changes in society as a whole.

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