D.C.-based startup incubator 1776, which filed with regulators last year to raise its first seed fund, announced Tuesday it has closed the fund at $12.5 million, half of what it had expected to raise.
1776 has backed 20 companies since launching the fund, co-investing with other groups including 500 Startups, Silicon Valley Angels and GovTech Fund. The fund typically invests an average of $100,000 in pre-Series A startups focused on highly regulated industries, such as health, education, energy and transportation.