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ff Venture Capital confirms $52m final close for oversubscribed latest fund

14 Jan 2014

target-hitEarly stage investor ff Venture Capital has confirmed it beat its $50m target for its third fund through a $52m final close.

ff Rose will target “game-changing ideas and businesses” according to a statement on the firm’s blog, which said new investors included New York State’s Empire State Development, Goldman Sachs and the New Jersey Economic Development Authority.

The firm previously said it was looking to raise between $50m and $70m for the fund, which follows a $27m ff Silver vehicle closed in 2011.

ff Silver was also oversubscribed by $2m, the firm added.

It also collected $6m of commitments for its ff Blue vehicle in 2008, and has been investing since 1999.

ffVC previously disclosed that its funds generated an IRR of over 30 per cent in the ten year period to the end of 2012.

The firm invests up to $1m per company with initial investments of $75,000 to $400,000 in early-stage web-based services companies.

It targets businesses valued at $5m in first funding with potential to generate an annual EBITDA of more than $10m within five to seven years.

ffVC is led by partners John Frankel, Alex Katz and David Teten. Earlier this year ffVC hired startups expert Jason Reynolds as its first engineer-in-residence.

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