True Ventures raises sidecar

True Ventures has raised an additional $2 million from 15 investors, according to a regulatory filing. New limited partners include the Dempsey Family Limited Partnership, Victor E. Parker Jr., and Dunlap-Black Investments. It is a side car fund that will include money from entrepreneurs, partner Phil Black told PE Week.

The fund is called True Ventures I-A and will join the $155 million True Ventures I that the firm raised in the fall. Limited partners include Paul Capital Partners Top Tier Investments III, Sequoia Holdings, Park Street Capital Private Equity Fund VII, Argonaut 20 and Ohana Holdings.

True is part of a burgeoning class of first-time fund managers focused on the early stage capital gap left by older firms who are now pursuing bigger deals. The firm ideally wants to be a young company’s first money, with initial investments of between $500,000 and $3 million.

The firm has already invested in blogging software company Automattic, instant messaging company Meebo, mobile phone software company ScanR, blog search engine Sphere, mobile entertainment company SendMe and online news site GigaOm.