The Revolution Ventures fund, the first fund aimed at early stage investments, announced the expectation of closing USD200 million in commitments earlier today. Once completed, the fund would surpass the target the earlier set target of USD150 million.
The fund would be lead by Steve Case, Tige Savage and David Golden and is the first and largest venture fund established outside of the Silicon Valley since 2008. The fund, in the last eight months, had raised funds normally scheduled for 18 to 24 month cycle.
The fund would invest in technology companies that provide innovative services that disrupt significant markets. While the fund would be based in Washington DC, it will also maintain a presence in the West Coast, with an office in San Francisco, CA. It projects to make around 20 investments between a three to four year period.
According to Steve Case, "While we're big fans of Silicon Valley, we've long believed that a lot of great entrepreneurs and great young companies can also be found outside of Silicon Valley. With the launch of Revolution Ventures fund, we'll be able to deploy early stage capital to help entrepreneurs build great companies in promising new regions that are overlooked by most venture capitalists."
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