MENLO PARK, Calif.--(BUSINESS WIRE)--Foundation Capital today announced the successful closing of its seventh fund. Foundation Capital Fund VII closed at $282M bringing total capital under management to $2.7 billion over its 17-year history. This new fund will drive the firm forward in support of early-stage companies in the consumer internet, information technology and cleantech sectors.
“We are thrilled to announce Foundation Capital’s seventh fund to continue to back the world’s next generation of great entrepreneurs and companies,” said Paul Holland, general partner, Foundation Capital. “Foundation is the first institutional investor for two-thirds of our companies and will continue to focus on early stage, high-growth opportunities. This strategy is a reflection of our team’s shared history as former entrepreneurs and operating executives, and has helped generate $5B in outcomes over the past three years.”
The fund will be invested by firm partners Anamitra Banerji, William Elmore, Ashu Garg, Paul Holland, Charles Moldow, Ashmeet Sidana, Steve Vassallo and Warren Weiss. Foundation Capital partners have been members of the founding executive teams of some of the most innovative Silicon Valley startups of the past two decades. The firm shares this entrepreneurial spirit with its portfolio companies, taking a hands-on approach by offering both counsel and investment capital to fine-tune the product and the business model.
“Based on the new, capital-efficient startup landscape as well as Foundation Capital’s founding principle to be highly involved in a company’s early development, Foundation Capital Fund VII is well positioned for the current environment. We plan to invest Fund VII over a three-year investment period, and are targeting innovative, market-defining ventures,” said Holland.
About Foundation Capital
At Foundation Capital, we’re dedicated to the proposition that one entrepreneur's idea, with the right support, can become a business that changes the world. We helped Atheros create the mobile Internet, EnerNOC invent the energy demand response market, and Netflix revolutionize media distribution and consumption, among many others. We're currently invested in more than 80 high-growth ventures in the areas of consumer, information technology, software, semiconductors, and clean technology including BoardVantage, Chegg, Coverity, Lending Club, MobileIron, Simply Hired, Sunrun, TubeMogul and Venafi. Foundation Capital’s eighteen initial public offerings include Envestnet, Financial Engines, Netflix, NetZero, Responsys and Silver Spring Networks. For more information, please visit www.foundationcapital.com.