NEA seeks to raise $2.3 billion fund

Steven Loeb · March 26, 2012 · Short URL:

Early investor in Groupon, Salesforce goes back for capital, after raising $2.5B just two years ago

Global investment firm New Enterprise Associates is raising $2.3 billion for a new fund.

The fund, which was disclosed in an Securities and Exchange Commission (SEC) filing Monday, will be known as New Enterprise Associates 14, L.P.

Formed in 1977, NEA is based in Menlo Park, California and Chevy Chase, Maryland. Since its founding, NEA has invested in over 650 companies, of which more than 170 have gone public and more than 280 have been sold. NEA has more than $11 billion committed to 13 funds.

NEA has invested in companies as diverse as networking device manufacturer 3com; TiVo; Flash and Dreamwaver producer Macromedia; CareerBuilder, the largest online employment website in the US; enterprise software company; discovery app KismetHearsay, creator of Hearsay Social; and Groupon. NEA was an early investor in the social networking site, and when Groupon went public its shares were valued at over $2 billion. 

In December 2009, NEA sold medical device company Acclarent to Johnson and Johnson firm Ethicon for $787 million. In January 2012, NEA partnered with Harvard to start the Experiment Fund, to finance student startups. In February, NEA teamed up with Founders Fund and TechCrunch to award $100,000 grants to 21 different investors. 

NEA's last fund, which was completed in January 2010, brought in $2.5 billion, which the company used to invest in Berkeley-based Nordic Windpower, Playdom, 23 and Me, Yuse,and Millennia Media, along with some healthcare startups.

NEA's new fund comes amid a pretty active time for venture fundraisings. Last December, Founders Fund raised $625 million and in January, Canaan raised $600 million.  

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