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Ex-Kleiner Perkins, General Catalyst Partners Launch New VC Firm

Neil Sequeria (l) and Trae Vassallo (r)Neil Sequeria (l) and Trae Vassallo (r)
Neil Sequeria (l) and Trae Vassallo (r)Photographs by Steve Jennings; JEALEX Photo — Getty Images

Trae Vassallo, the former Kleiner Perkins investor whose deals included Nest Labs and Dropcam, has quietly launched a new venture capital firm called Defy.vc, Fortune has learned from multiple sources.

Her partner is Neil Sequeria, a former Bay Area partner with General Catalyst whose deals included Jessica Alba’s The Honest Company. There had been reports last fall that Sequeria was planning to launch a solo firm, and it is unclear exactly when he and Vassallo partnered up.

Defy.vc is seeking to raise around $150 million for its debut fund, which will focus on early-stage connected software companies. Expected a first and final close in September.

Vassallo declined to comment, when reached via phone.