PALO ALTO, CA--(Marketwired - June 01, 2017) - Early-stage venture capital firm True Ventures announced today the closing of True's second Select Fund, True Ventures Select II, LP, a new $112 million fund focused on supporting the firm's existing portfolio companies later in their life cycles.

Select Funds make later-stage investments in companies funded by one of True's core funds (I, II, III, IV or most recently V). The companies have demonstrated product market fit and are generally exhibiting significant traction and product revenues.

"Our Select strategy has proven to be a very successful way to further embolden our best companies, while at the same time providing our Limited Partners with proprietary access to some of the ecosystem's strongest investments," said Jon Callaghan, co-founder of True Ventures. "Access to capital from a trusted source enables our founders to operate with greater clarity and conviction. We think this is critical to long-term success."

The first check from True Ventures Select Fund II provided additional capital to Peloton after its initial investment from True Ventures IV. Peloton dominates the in-home fitness market with a unique product that combines world-class hardware with streaming media and software. It is the only cycling platform and high performance indoor cycling bike that lets users join on-demand classes streamed from Peloton's NYC cycling studio through a recurring subscription model. Peloton has seen significant success over the past year, having nearly tripled its annual revenue and grown its subscriber base over threefold.

"With Select Fund II, we can continue to empower founders such as John Foley at Peloton," said Phil Black, co-founder of True Ventures. "We have a number of very exciting portfolio companies across all the core funds that have accelerating momentum and are solid candidates for Select II investments."

John Foley, founder and CEO of Peloton, commented that he is using the new funds to expand Peloton's offering and retail presence. "Jon (Callaghan) and his team took a risk with us in the very beginning," said Foley. "It's been an incredible ride so far, and we're thankful to have True's support as we move on to the next phase of growing and scaling the business."

In May of 2015, True closed its first Select Fund, True Ventures Select I, in the amount of $102 million. Select I includes investments in a number of True portfolio companies such as Peloton, Ring, Namely, Madison Reed and Blue Bottle Coffee.

About True Ventures

Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology startups. With capital under management in excess of $1.4 billion, True provides seed and Series A funding to the most talented entrepreneurs in today's fastest growing markets. The firm maintains a strong founder community and offers innovative educational opportunities to its portfolio, helping entrepreneurs achieve higher levels of success and impact. With more than 200 companies funded and multiple companies acquired, the current True portfolio has helped create over 8,500 jobs. To learn more about True Ventures, visit www.trueventures.com.

About Peloton

Founded in 2012, Peloton is revolutionizing the fitness industry by merging high-design with modern technology to provide access to live and on-demand fitness group classes led by elite NYC instructors. With instant access to classes, performance tracking metrics and a motivating real-time leaderboard, Peloton is changing the way people get fit through a comprehensive and socially connected-experience that makes every workout both efficient and addicting. By merging hardware, software, and content, Peloton creates the most unique, efficient and addicting workout experience on the market. Peloton is sold online and in their growing number of showrooms across the country. For more information, visit www.pelotoncycle.com.