The San Francisco group of IDG Ventures raised $65 million in its third funding round falling short of its goal of $100 million, according to a SEC filing cited by VentureBeat.
At present, the venture capital firm has been raising the funds out of Silicon Valley Office that will be used for a fund call IDG Ventures III. The said fund obtained its first cash on February 6, the report detailed.
IDG Ventures is a venture capital firm that typically invests between $1 million and $5 million in every funding round of early-stage startups. The company focuses on startups in the media, consumer web, and enterprise IT startups. IDG's portfolio of companies includes Indiegogo, SimplyHired, and Minted. It is being managed by directors Pat Kenealy, Phil Sanderson, and Alexander Rosen, the report explained.
The San Francisco-based firm has also established investment funds in Asian countries such as China, Korea, Vietnam, and India. As a whole, IDG Ventures holds $3.6 billion worth of assets under management and has established more than 220 firms within 15 years, VentureBeat reported.
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