Battery Ventures closed its eighth multistage venture fund at $750 million after only five months of fundraising. The fund will be used to make investments in deals ranging from seed stage all the way up to private equity buyouts.
The fund is $300 million larger than Battery's previous one. The Deal's George White interviewed Battery general partner Morgan Jones, who said the larger fund makes it easier for Battery to invest across the entire spectrum of deals. "It's not so large that you can't do early-stage deals, but you can also do much larger deals as well," he commented.
To help deploy the capital, Battery promoted three partners — Neeraj Agrawal, Michael Brown and Sunil Dhaliwal — from partner to general partner in its Waltham office. The firm's key investment sectors are: software, infrastructure technologies, communication services, semiconductors, Internet and digital media, financial services, and Cleantech.
The speed with which Battery completed the large raise is a testament to its exits in the past 18 months. Fve of the venture firm's portfolio companies, including Cbeyond Inc., MetroPCS Communications Inc., Omniture Inc., Optium Corp. and Veraz Networks Inc., have gone public. In that time Battery has also notched exits from the acquisitions of portfolio company Broadbus by Motorola, CipherTrust by Secure Computing, Kashya by EMC, OutlookSoft by SAP and ProfitLogic by Oracle.
For more on Battery's new $750 million fund, see:
The Deal
Tags: battery+ventures, ipo, m&a, vc, venture+capital
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