Tamarack Global Raises $72M for Opportunities II Fund, Doubling Down on Deep Tech Investments
Tamarack Global, a prominent early-stage deep-tech venture capital fund, has announced the successful close of its Opportunities II fund, securing an impressive $72 million. This marks a significant milestone for the firm, more than doubling the size of its inaugural fund and boosting its total assets under management (AUM) to over $211 million.
The Opportunities II fund has attracted a diverse group of global investors seeking long-term investments in companies poised to drive transformative change. Notably, the fund has already deployed capital in several high-profile companies, including Figure AI, Impulse Space, CHAOS Industries, Rainmaker Technology Corp., Rilian Technologies, Terminal, Blue Energy, Fuse Energy, and Earth AI.
John McCormick, founder and managing partner at Tamarack Global, emphasized the firm’s commitment to supporting visionary founders and building generational companies. “Since our inception, we believed that the greatest compounding effect that we can have has been helping others to succeed. 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.”
Jamie Lee, managing partner at Tamarack Global, highlighted the fund’s strategic approach in a volatile market. “Short-term volatility should not create drastic shifts in investment strategy, and instead can open new markets and foster innovation.” Lee further emphasized Tamarack’s unwavering focus on “atoms & bits” and founders driving change in their respective industries, especially those leveraging advancements in AI and ML to disrupt both digital and physical industries. “We believe this will lead to some of the biggest opportunities on (and off) Earth and will continue to represent a massive opportunity for us and our investors.”
Tamarack’s initial fund, Opportunities I, which was established in 2019, raised $31.3 million and invested an additional $55 million alongside the fund via co-investments. Fund I established a diverse portfolio of early seed and Series A companies, with notable follow-on investments in companies across various sectors like energy transition, defense-tech, the space economy, robotics and automation, and AI. Fund II will follow a similar strategy, leveraging Tamarack’s expertise in identifying and supporting high-potential deep-tech ventures.
Brett Adcock, technology entrepreneur and founder/CEO of Figure, lauded Tamarack Global’s commitment to backing 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.”
Tamarack Global’s dedication to advancing the manufacturing industry through technical innovations has led to the launch of the New American Industrial Alliance (NAIA) in the summer of 2024 at the Reindustrilize Summit in Detroit. Austin Bishop, general partner at Tamarack Global and co-founder of Atomic Industries, recognized the immense potential for innovation in AI, robotics, materials, and software, and believed that investors were seeking opportunities to make meaningful investments in these areas. NAIA aims to revitalize U.S. industry and reduce reliance on vulnerable global supply chains by fostering innovation and strategic policy.
“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. This is very mission-aligned with the types of companies we invest in at Tamarack Global,” Bishop concluded.
About Tamarack Global
Founded in 2019, Tamarack Global seeks to identify and invest in entrepreneurs who are shaping the future. As our world becomes increasingly digital, networked, and connected, it also becomes more complex and dynamic. New technologies and markets are rapidly changing the landscape at an unprecedented scale. Tamarack Global is dedicated to uncovering exceptional individuals who are solving challenging problems and bringing new technologies to market, ultimately driving innovation and growth.
