(Correction: To reflect IVP's $1.4 billion fund. Also updated with comment from Battery Ventures)
2014 was a pretty great year for venture capital fundraising, with firm raising a total of $30.8 billion, the most since 2007. And things are not slowing down any time soon; through the first three quarters of 2015, firms raised $22.8 billion. That puts it on track to potentially come out even higher this year, especially if Q4 comes close to the $10.8 billion raised in Q2, though the paltry $4.3 billion in Q3 makes that seem unlikely.
Firm are continue to raise big funds, and now Battery Ventures is getting in on the action, with the firm looking to raise $950 million for two companion venture capital funds, according to a report out from Bloomberg on Wednesday.
Of that, $650 million of that will be used for Battery Ventures XI LP, while the other $300 million will be put into the Battery Ventures XI Side Fund LP, which the firm will use to invest in larger deals, and in a more diverse number of spaces than the other fund.
Employees’ Retirement System of the State of Hawaii, San Francisco Employees’ Retirement System, Massachusetts Pension Reserves Investment Management Board, Alaska Retirement Management Board, and Alaska Permanent Fund invested in both funds, according to Bloomberg's data.
The combined $950 million would make Fund XI larger than the $900 million it raised for Fund X in 2013, which consisted of a $650 million fund plus a $250 million side fund. It would, however, be smaller than its $1 billion Fund VI from all the way back in 2000.
Founded in 1983, Battery Ventures does seed, early stage venture, later stage venture, private equity, and debt financing investments in the enterprise software, software and analytics spaces.
Some of its big investments have included AppDynamics, Blue Jeans Network, Porch.com, Glassdoor, RelateIQ, HotelTonight, Sprig, Marketo, Splunk, Sprinklr and Practice Fusion.
More recently Battery Ventures has invested in big data analytics platform Platfora; door-to-door travel startup GoEuro; TrendKite, a PR analytics company for agencies and corporate brands; Cask Data, a Big Data application platform for developers; customer success company Gainsight; and online lender Earnest.
2015 funds
Some of the biggest funds raised in 2015 have included Bessemer Venture Partners, which raised $1.6 billion for its IX Fund; Flagship Ventures Fund, which raised $537 million for Fund V; August Capital, which raised $450 million for its Fund VII; Institutional Venture Partners XV, which raised $1.3 billion for its Fund XV; and Social Capital Partnership, which raised $600 million for its Fund III.
The really big one, though, was New Enterprise Associates 15, L.P., which raised $2.8 billion. That makes it the largest all-time early stage venture capital fund since records began in 1980. That is the one that pushed those Q2 numbers up so high.
VatorNews reached out to Battery Ventures for confirmation of this report, but a spokesperon for the firm declined to comment.
(Image source: fortune.com)
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You’ve got a great idea, a winning product, an amazing team, a great business. You have choices. There are hundreds of firms who could invest in your business. So why choose Battery? Yes, we have a track record of success backing breakthrough companies. We’ve been through hundreds of IPOs and M&A events. We have 30 years of experience. We’ve raised $4.5B since inception and are investing a $900M pool of capital, so yes, we have deep pockets along with big Rolodexes and a smart team.
So what else matters? That we’ll be the most engaged, collaborative and passionate investor around the table. That we remain open to exploring all business ideas, no matter how complicated or far off the beaten track they might at first seem. We will roll up our sleeves and work as hard as you do. We will add value every day, in between board meetings, not just at them. But that doesn’t mean we’ll run your business, we know where to draw the line. We keep our egos in check, operate with integrity and honesty, and put the needs of your business ahead of our own.
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