Silverton Partners seeks $75m for new fund


dollar4_sqEarly-stage venture capital firm Silverton Partners has launched a $75m fund, which will focus on startups in the enterprise software and consumer internet sectors.

The firm noted that the fund launch follows several successful exits from its previous vehicle including Crimson and BlackLocus, which have been sold to The Advisory Board Company and Home Depot respectively. The third fund was closed on nearly $75m in 2006.

Silverton’s current investments including brand promotion business Boundless Network, server monitoring and website performance company Copper Egg and self-storage finder SpareFoot.

Silverton Partners IV will be backed by Austin-based entrepreneurs and several university endowments, the firm said in a statement.

The vehicle includes a $10m oversubscribed entrepreneurs fund backed by more than 40 founders, CEO’s and executives.

Silverton Partners general partner Bill Wood said, “We’ve witnessed first-hand the tremendous growth of the Austin startup ecosystem and its gratifying to see that our strategy of focusing on local, high-growth opportunities is being rewarded.

“We particularly enjoy working with seed-stage companies as they mature into robust companies with product traction and customer validation. It’s a winning formula for us – and we look forward to SP IV becoming another successful fund over the years.”

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