BGV, the venture capital house launched by former 3Com and Palm CEO Eric Benhamou, has raised $70m for its first fund targeting expansion-stage investments.
The firm said its Opportunity Fund would back successful portfolio companies emerging from its BGV II and III funds, which both target the early stage.
BGV has already tapped the vehicle for two deals in the enterprise 4.0 category, backing customer data platform Totango and data centre AI Ops provider Virtual Instruments.
The firm, which aims to bring European, Asian and Israeli startups to Silicon Valley, breezed past its target for its third flagship fundraise in 2017 by closing on $80m.
Israeli and Chinese investors were among first-time Benhamou backers through that raise, which outstripped the $72m the firm gathered for its second fund in 2015.
BGV III has been focused on enterprise IT sectors including online security, cloud-based infrastructure services and applications, web scale infrastructure, advanced analytics and artificial intelligence, as well as industrial Internet of Things.
The firm’s namesake founder, Eric Benhamou, was formerly chairman and CEO of 3Com, Palm and co-founder of Bridge Communications.
Earlier this year BGV scored a 6.8x return for its second fund by selling retail and consumer packaged goods analytics business Profitect to Zebra Technologies.
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