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Battery Ventures raises $900m amidst management shakeup

21 Feb 2013

Battery Ventures, one of Silicon Valley’s most established technology investors, has reportedly raised $900m across two separate vehicles.

The firm, which has been an early backer in high-profile businesses such as Groupon and ExactTarget, has raised a $650m vehicle and a separate $250m side fund according to the Wall Street Journal.

It suggests the fund has closed as an internal intergenerational shift has taken place across the firm through a number of retirements – including partner Tom Crotty – and several promotions. The move marks Battery’s shift to a third-generation management team.

Dave Tabors, a Battery partner who will now co-lead the fund alongside Scott Tobin, said the “pace and strategy” will be consistent with the investor’s approach so far.

The side fund will then support investments by being able to make later-stage deals. The firm’s previous fund was a $750m vehicle that it raised in 2010.

Tabors, who will co-lead the fund, joined Battery in 1995 and his areas of interest are said to span from start-ups, such as the creation of BladeLogic – which has undertaken an IPO – with an Entrepreneur-in-Residence, through emerging companies such as Vastera to buyouts, such as the take-privates of Made2Manage Systems, Onyx Software and Quovadx.

Battery recently announced the appointment of marketing executive Jonathan Sills as its executive-in-residence at its Menlo Park office.

Sills, previously CMO at Shoedazzle and SVP at Proflowers, will bring more than 14 years of marketing and customer acquisition experience to help early and growth stage portfolio companies drive revenue via efficient and effective marketing programmes, the firm said.

Copyright © 2013 NewNet

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