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ff Venture Capital hits target zone in $52m fund close

30 Dec 2013

news_dollars3_lrgEarly stage investor ff Venture Capital has reportedly held a $52m close for its latest fund , pushing it close to its $70m target.

AltAssets reported in November that ff Rose Venture Capital had gathered more than $37m for the vehicle, but it has now passed the $50m mark according to Dow Jones.

It cited sources close to the firm, which was one of the first firms to publicly market its vehicle following recent changes to SEC regulations.

Cato Capital and IEG GmbH are acting as placement agents for the fund, according to a filing made with the US Securities and Exchange Commission last month.

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

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

ffVC has also 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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