Charles River Ventures, the oldest early-stage venture firm in the US, has announced the $375m close of its heavily over-subscribed fifteenth fund, CRP XV.
The firm said it plans to invest in early-stage technology companies within the mobile, Internet and software segments as well as emerging companies focused on energy and intellectual property.
General partner Izhar Armony said the fund had taken just two months to close at the top end of the range.
He said, “CRV has seen consistent liquidity from our portfolio over the last decade, with 21 major liquidity events, IPOs and company acquisitions since the collapse of the bubble.
“CRP XV is a testament to our 42-year tradition of working with passionate and innovative entrepreneurs to build market-leading companies.”
The firm said investing limited partners included major universities, pensions funds and non-profit institutions, although has not revealed exactly who they are.
General partner Jon Auerbach said, “We are thankful and honoured to have such a world-class list of investors that believe strongly in early-stage venture capital.
“Due to the demand in the fund, we unfortunately had to turn away many prospective investors but we needed to do so in order to remain committed to small and focused funds.”
CRV’s recent IPOs have generated more than $2.6bn in market capitalization, including exits for RPX Corporation, Broadsoft, and The Active Network.
Last October the firm led a C$5m Series A financing round in online accounting software provider Wave Accounting.
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