ff Venture Capital announced through a blog post today that it had closed its ff Rose and ff Rose Innovate funds, according to TechCrunch.
The two funds have raised a total of $52 million. This amount is more than the $50 million that ffVC was planning to raise. Investors in the round include Goldman Sachs, the New Jersey Economic Development Authority, and New York State's Empire State Development. Limited partners who had previously backed the company also participated in the said round, the report detailed.
Why does ffVC need two funds? According to founding partner John Frankel, ff Rose Innovate will with its sister fund ff Rose, but will focus only on New York-based companies. This is because of the funding provided by Empire State Development, which aims to kickstart economic growth in New York, the report explained.
Frankel said in an email: "We are one of a handful of funds to receive Innovate NY money, and we consider it good use of public funds and hope to prove so over the life of the fund."
ffVC (founder friendly Venture Capital) is presently based in New York. The company raised $27 million for its second fund in 2012, TechCrunch reported.
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