That’s a bit short of the firm’s $50 million target, but a significant bump over the $29.6 million raised for its debut fund in 2011. The increase means that 500 Startups can now invest a bit more in follow-on rounds, although initial investment sizes are expected to still max out at $250,000. Around 75% of the capital is earmarked for U.S. tech investments — with a particular focus on Silicon Valley — while the rest will be invested globally (500 Startups also has some smaller regional fund efforts, including one in Mexico).

To date, 500 Startups has made over 500 investments across 35 different countries, including deals for TaskRabbit, SendGrid, Twilio and Wildfire. That high volume strategy — which some others VCs deride as “spray and pray” — means that Fund II already is significantly committed. Chances are that there will be a much shorter lag between Funds II and III than there was between Funds I and II.

McClure declined to comment on anything related to fundraising, except to say that 500 Startups has “learned a hell of a lot” since its initial launch.

In addition to McClure, full-time 500 Startups partners include Christine Tsai, Christen O’Brien and George Kellerman. There also are nine venture partners and a slew of outside advisors.

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