Venture capital firm Sierra Ventures has held a final close for its tenth fund, which is less than half the size of its previous vehicle.
Sierra has closed its Fund X on $145m, according to VentureWire, falling short of its $200m target and the $400m secured by its ninth vehicle in 2006.
“There are many ways to organize a venture fund to make money. We have a deep belief that the maximum value creation happens in the early side of the venture cycle,” said Sierra managing director Tim Guleri, according to the report.
“It doesn’t take a massive firm of people or infrastructure for that strategy.”
He said that 60 per cent of LPs from fund IX backed the new fund, which will invest in early-stage software infrastructure businesses.
Earlier this year Sierra co-led a $15m Series A funding round for technology job marketplace Hired.
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