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Kleiner Perkins Caufield & Byers sets lower sights in $1.2bn of new fundraising

30 Jun 2014

dartboard targetUS venture capital heavyweight Kleiner Perkins Caufield & Byers is hoping to raise about $1.2bn of new investment capital through a pair of vehicles.

The firm is targeting $450m for its latest flagship fund according to a filing with the US securities regulator, down on the $525m it raised for its 16th main vehicle in 2012 and well below the $650m it gathered in 2010.

KPCB is also eyeing $750m for its second Digital Growth Fund, a separate filing shows. Neither vehicle has registered any commitments to date.

Its debut fund in the strategy pulled in $1bn of commitments by the time it was closed in 2010.

KPCB uses its flagship vehicles to invest across seed, early and growth companies through investments between $100,000 and $75m.

The firm said at the time of Fund XV’s close in 2012 that it would focus on early-stage digital consumer and enterprise, green tech and life sciences companies.

Last week KPCB reinvested in motion sensor maker mCube through a $37m Series C financing round.

Keytone Ventures and Korea Investment Partners led the round, which was also backed by MediaTek and DAG Ventures.

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