In a grim
climate for venture-capital fundraising, there have been only a few
positive glimmers. One of those glimmers: Battery Ventures has closed a
new $750 million fund.
The new fund would be one of the bigger venture funds raised in the first quarter of this year as venture-capital firms largely continue to struggle to collect new money. Other notable new fund closings so far this year include Redpoint Ventures, which raised a $400 million fund.
Tom Crotty, a general partner at Battery, said the firm raised its new fund over a five-month period. While the process of collecting money for the fund was “no different” than for Battery’s previous funds, Mr. Crotty said he noticed a very different response from investors.
In the past, investors in Battery’s venture funds might have just taken one meeting to do due diligence on the new fund, with some deciding to put money in without any meetings at all, said Mr. Crotty. This time, “what was different was the absolute number of meetings and the volume of due-diligence calls,” he noted. Every single investor dug down this time, taking at least two meetings in Battery’s East Coast and West Coast offices, he said.
To read the full, original article click on this link: Battery Ventures Raises New $750 Million Fund - Digits - WSJ
Author: Pui-Wing Tam
