Matrix Partners raises $450m for tenth VC fund


US venture capital firm Matrix Partners has reportedly raised $450m for its tenth fund to continue its focus on early stage investments.

The figure matches the firm’s eighth fund with one LP telling Fortune that a capital pool of this size “makes more sense” than its previous $600m fundraise.

Matrix Partners began in Boston in 1977 as Hellman Ferri Investment Associates, one of the first firms on the East Coast to have a start-up technology focus. Five years later the business was re-established as Matrix and opened a Silicon Valley office.

According to a recent Harvard Business School study, Matrix maintains the highest rate of repeat entrepreneurs in the venture industry.

The firm recently hired Jared Fliesler, formerly of payments software company Square, as a general partner.

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