Revolution, the venture capital fund co-founded by Steve Case of AOL fame and focused on investing in startups outside of Silicon Valley and the Northeast, has raised a “faster-than-expected” second $150 million Rise of the Rest Seed Fund.

It comes two years after launching its first fund by the same name, which ultimately invested in nearly 130 companies in nearly 70 cities across 32 states.

The D.C.-based venture firm has made several investments in North Carolina. Most notably, it invested $100,000 back in 2015 to the Durham-based software firm Archive Social founded by Anil Chawla. The startup has gone on to much acclaim, recently raising $53 million in May.

Other NC-based companies in Revolution’s Rise of the Rest Seed Fund portfolio include Fathom AIFluree, K4Connect and Pryon.

Revolution spokesperson Martín De Leon Revolution would not disclose exact funding amounts, but said “historically, investments out of Revolution’s Rise of the Rest Seed Fund average $500,000.”

He added: “We invested out of this Fund twice as fast as predicted and we’re proud to have once again partnered with an investor dream team to continue supporting entrepreneurs in regions overlooked by most venture capitalists,” Revolution spokesperson Martín De Leon told WRAL TechWire by email today.

The latest fund’s investor list includes returning investors such as Jeff Bezos, Sara Blakely, Jim Breyer, Ray Dalio, John Doerr, Roger Ferguson, Dan Gilbert, Henry Kravis, the Koch family, Ted Leonsis, William M. Lewis, Jr., Adebayo “Bayo” Ogunlesi, David Rubenstein, Eric Schmidt, Megan Smith, and Meg Whitman, as well as new investors such as Joshua Harris, Bill Haslam, James Murdoch, Kevin Plank, and Intuit’s Brad Smith .

However, one notable absence will be managing partner JD Vance, author of the best-selling book “Hillbilly Elegy” and regular investor in the Triangle and North Carolina. He has relocated to Ohio and will not be involved in the firm’s second fund.

The spokesperson said he remains “involved with ROTR 1 to help with the transition.”

Leading the new fund as Managing Partner is David Hall, an investor at Revolution for more than a decade. Partners Anna Mason and Mary Grove will also have expanded leadership roles on the team.

“I have joined Steve and the team for every Rise of the Rest road trip since we started touring startup communities in 2014,” said Hall. “And while each city is unique, they all have one thing in common: they recognize the power of entrepreneurship to revitalize and grow economies by providing jobs and opportunity. I am thrilled to take this next step in backing more companies that will help cities outside the coastal tech hubs thrive.”

However, it’s still yet to be seen how much of an impact this second fund will have on the local ecosystem.

David Gardner, managing director at Cofounders Capital, said he met Revolution’s Steve Case when he attended the Rise of the Rest tour when it was held in the Triangle a few  years ago.

“Steve invested $100,00 in one of my companies, Archive Social, after they won his pitch competition, but I have not heard of any deals they have done here since.”

He added: “I sent them several opportunities and they passed on all of them so far.  Their niche is to source opportunities from areas that don’t have a lot of venture capital like the Triangle. The problem was they did dozens of these so I’d say that they have some logistic issues targeting small pockets all over the country.  Also, you can’t just have one big event and expect to get consistent deal flow.   You really have to be part of that community, attend and host dozens of events each month and build a good reputation helping entrepreneurs even the ones you don’t end up investing in.  It’s pretty much impossible to do that when you don’t have an office here or staff that lives in the community. ”

AOL founder Steve Case’s Revolution VC fund raises another $200M