Edison Ventures closes 7th venture fund on $249m


Edison Ventures has closed its latest fund with $249m, more than one fifth of which has already been invested in tech-based companies.

The Edison VII fund portfolio delivered 50 per cent revenue growth in 2011, with current fair value rising to 1.4 times the investment cost, according to the firm.

Limited partners providing money to the fund include Advantus Capital, Neuberger Berman, Permal Capital and funds managed by BlackRock Private Equity Partners.

The firm’s strategy of investing $5m to $10m in technology companies with $5m to $20m revenue run rates is consistent with previous funds, with Edison providing the cash for expansion, acquisitions and shareholder liquidity.

Edison VII’s initial investments include PHX Healthcare, online accounting solutions company Andera and business contact directory NetProspex.

The firm has invested in 186 companies since it was founded in 1986, achieving 127 exits including 17 IPOs.

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