Former General Catalyst managing director Jonathan Teo and former Lightspeed Venture Partners managing director Justin Caldbeck have closed their first fund together. Back in March, we reported that the two had started a new investment firm named firm Binary Capital, and now they’ve raised $125 million. The two, who had previously made early investments in companies like Snapchat, Instagram, Whisper and TaskRabbit, apparently hope to use that money to write checks of about $3 million to $5 million for other consumer-facing companies.
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