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Morgenthaler Ventures closes latest fund above target, rebrands as Canvas Venture Fund

12 Sep 2013

dollar_5_170sqVenture capital firm Morgenthaler Ventures has closed its tenth fund above target and rebranded as Canvas Venture Fund.

The new vehicle closed on $175m, ahead of its $150m target. It will be managed via a new entity, Morgenthaler Technology Investment Company, by three Morgenthaler partners, Gary Little, Rebecca Lynn and Gary Morgenthaler.

Canvas will make Series A and B investments of $5m to $15m in the software and services sector in the US.

It said that its vertical focus will cycle, but “today we like fintech, big data, health IT, enterprise.”

“Our investing themes are continually refreshed and revisited to be in sync with what’s happening in the market and with technology,” said Canvas.

Earlier this year Morgenthaler led a $16m Series A round for clinical-stage pharmaceutical company Scioderm.

Some of its other recent deals included investment in US medical technology company Vapotherm, which closed a $29m round in April, and participation in software company PeopleMatter’s $19m Series B round.

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