Brett Brewer, a founding general partner of Crosscut Ventures, announced he is leaving the Los Angeles-based firm. He will remain actively involved in managing the portfolio companies of Crosscut Funds 1 through 5.
Firm co-founders Brian Garrett and Rick Smith continue with CrossCut, with Garrett as managing director and Smith as senior advisor, according to the firm’s website. Brewer’s departure comes less than a month after the firm announced that it had hired Jon Ylvisaker as a partner, as Venture Capital Journal previously reported.
Representatives of CrossCut did not respond to an interview request.
CrossCut is currently marketing its sixth fund, which is targeting $85 million and launched fundraising in April 2024, according to a regulatory filing. Brewer, Garrett and Smith are listed in the filing as managing directors of the general partner of Crosscut 6.
The firm last raised a fund six years ago. It closed on $85 million for CrossCut Ventures 5 in 2019, with support from the Employees’ Retirement System of the State of Hawaii, which committed $5 million, according to fundraising data from affiliate title Buyouts (registration required).
CrossCut Ventures 4 closed on $125 million in 2017, with a $3 million commitment from the Hawaii pension and an undisclosed commitment from the John D. and Catherine T. MacArthur Foundation, Buyouts reported.
Brewer has not said what he plans to do next. He was an entrepreneur before becoming a venture capitalist. He co-founded Intermix Media/MySpace and led it to a successful exit to NewsCorp. Later, he became CEO of AdKnowledge and guided it to a private equity exit prior to co-founding Crosscut.
“Building Crosscut alongside an incredibly talented team has been one of the most rewarding experiences of my life,” Brewer said in a statement. “I am incredibly proud of what we’ve accomplished together and look forward to seeing the firm continue to thrive in the years to come.”
Garrett said, “We are deeply grateful for Brett’s leadership and contributions. While we will miss his presence at the firm, we fully support his decision and are excited to see where his next steps will take him.”
Founded in 2008, Crosscut has raised more than $300 million in committed capital across five funds and invested in more than 170 companies. The firm says its focus is “investing in early-stage frontier technologies, both hardware and software, revolutionizing large industries and improving life on Planet Earth.”
It has four areas of focus: energy and power, including clean energy generation and storage; “frontier materials,” which includes space exploration; advanced manufacturing, including robotics and AI; and defense and security, including “reinforcement for the US military.”
Brett Brewer, a founding general partner of Crosscut Ventures, announced he is leaving the Los Angeles-based firm. He will remain actively involved in managing the portfolio companies of Crosscut Funds 1 through 5.
Firm co-founders Brian Garrett and Rick Smith continue with CrossCut, with Garrett as managing director and Smith as senior advisor, according to the firm’s website. Brewer’s departure comes less than a month after the firm announced that it had hired Jon Ylvisaker as a partner, as Venture Capital Journal previously reported.
Representatives of CrossCut did not respond to an interview request.
CrossCut is currently marketing its sixth fund, which is targeting $85 million and launched fundraising in April 2024, according to a regulatory filing. Brewer, Garrett and Smith are listed in the filing as managing directors of the general partner of Crosscut 6.
The firm last raised a fund six years ago. It closed on $85 million for CrossCut Ventures 5 in 2019, with support from the Employees’ Retirement System of the State of Hawaii, which committed $5 million, according to fundraising data from affiliate title Buyouts (registration required).
CrossCut Ventures 4 closed on $125 million in 2017, with a $3 million commitment from the Hawaii pension and an undisclosed commitment from the John D. and Catherine T. MacArthur Foundation, Buyouts reported.
Brewer has not said what he plans to do next. He was an entrepreneur before becoming a venture capitalist. He co-founded Intermix Media/MySpace and led it to a successful exit to NewsCorp. Later, he became CEO of AdKnowledge and guided it to a private equity exit prior to co-founding Crosscut.
“Building Crosscut alongside an incredibly talented team has been one of the most rewarding experiences of my life,” Brewer said in a statement. “I am incredibly proud of what we’ve accomplished together and look forward to seeing the firm continue to thrive in the years to come.”
Garrett said, “We are deeply grateful for Brett’s leadership and contributions. While we will miss his presence at the firm, we fully support his decision and are excited to see where his next steps will take him.”
Founded in 2008, Crosscut has raised more than $300 million in committed capital across five funds and invested in more than 170 companies. The firm says its focus is “investing in early-stage frontier technologies, both hardware and software, revolutionizing large industries and improving life on Planet Earth.”
It has four areas of focus: energy and power, including clean energy generation and storage; “frontier materials,” which includes space exploration; advanced manufacturing, including robotics and AI; and defense and security, including “reinforcement for the US military.”
