CommonAngels Ventures raises more than $11m for fourth fund


boston_glass_170sqBoston-headquartered venture capital firm CommonAngels Ventures has raised more than $11m for its fourth fund.

CommonAngels Ventures Fund IV has secured $11.15m from 62 LPs towards its $35m goal, according to a document filed with US securities regulators. The first commitment was registered earlier this month.

The fund does not have a placement agent and has not set a minimum investment requirement, the filing showed.

CommonAngels is focused on early-stage information technology startups located in the Boston area. The firm does not invest in life sciences, medical devices and energy production companies as well as businesses that require $5m to $10m of upfront capital before validating the concept.

It is currently investing from its third fund, which raised $13m in 2010.

The firm’s investees include customer advocate management and mobilisation specialist Influitive, which raised a $3.75m seed funding round last year.

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