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has raised $24.5 million of a planned $75 million fund, according to a with the U.S. Securities and Exchange Commission.

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Armstrong co-founded Austin-based Next Ventures with , and both men are listed as the general partners of the firm in the filing. Conacher is the son and namesake of Canadian politician and professional athlete . He was also a multi-sport athlete who did a short stint playing professional football in Canada.

In January, we reported on Next Ventures鈥� first-ever investment, in which it led a seed round raised by , which according to a statement from the firm is 鈥渢he world鈥檚 first app-based, smart muscle stimulation device, designed to provide increased wellness, recovery and performance enhancement.鈥�

As we wrote at the time, that was not actually Armstrong鈥檚 first startup investment, but it was the first he鈥檇 done as a professional VC. Armstrong credits a $100,000 investment in , through , for 鈥渟aving鈥� his family in the wake of a doping scandal that resulted and on federal fraud charges. Uber was valued at approximately $3.7 million at the time, according .

According to the recent filing, 38 unnamed investors have so far put money in the fund, which is focused on the sports, fitness, nutrition and wellness markets. The firm typically is focused on early-stage investing in companies 鈥渢hat have a product or service in the market and are revenue producing,鈥� per its . It typically puts up $1 million to $3 million as part of its initial investment.

Besides PowerDot, Next Ventures has also quietly invested in , Spar, Scorched Ice and Amp Human, according to its website.

Lance is not the only former athlete dabbling in venture capital. Earlier this year, we covered how NBA players are also backing startups.

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Senior Data Reporter Jason Rowley contributed to this piece.