True Venture taps USD 290 million for Fourth Fund

Early-Stage investor, True Ventures has officially closed USD 290 million for its fourth fund, as reported by Wall street Journal. The investor names are still undisclosed. The raised funds will be used to make investment in several technology startups.

Palo Alto, California based True Ventures was established in 2006 by Jon Callaghan, Tony Conrad, Toni Schneider, John Burke, and Phil Black. Including this round, the firm has secured total funding of approximately USD 900 million. Earlier, it has raised USD 220 million for its third fund in 2012. The firm has also received USD 208 million in second fund and USD 160 million in first funding round.

Till now, it has made a total of 242 investments including 24 closed in first quarter of 2014 such as Storehouse, Message Bus, First Opinion, Winstruments, Automattic, Understory, Trippy, Concurrent Inc. and others. Currently, the firm’s current portfolio include 94 companies to build products that capture the imagination and emphasis on long-term market leadership.

“I believe that there is more interest in venture capital, Venture capital returns data, which for years showed subpar results, now show that venture can be a good business under the right market conditions and the right managers, said by Phil Black.

The firm consists of 11 member in its team and it has created over 1,900 jobs. Companies backed with venture cash held 36 initial public offerings in the first quarter, more than any quarter in at least five years, Some 58 venture funds were raised during the first quarter, 10 more than a year earlier, the National Venture Capital Association said in April.

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