New venture firm TenOneTen pays homage to the 10 and 110 freeways bisecting Los Angeles, but geography doesn’t limit its focus–just half its startups are based in L.A.

“We aspire to be great investors in L.A., not great L.A. investors,” said David Waxman, who co-founded the firm in 2013 with Gil Elbaz.

The firm, which is in the process of raising a debut fund of up to $25 million, according to a regulatory filing, is part of a wave of new seed-stage funds. In the first half of this year, 19 debut funds were raised that were $100 million or smaller, according to Dow Jones VentureSource, the most since the research group began tracking the industry in 1992

Image: TenOneTen co-founders Gil Elbaz, left, and David Waxman TenOneTen