In venture capital, it seems like “always be raising” is the mantra of the moment. The latest major venture firm to signal new funding plans is True Ventures.
The Silicon Valley venture firm – which invested in the likes of Fitbit (IPO), Ring (acquired by Amazon for a cool $1 billion), Blue Bottle Coffee (acquired by Nestle), and many others – filed paperwork with the SEC late Wednesday afternoon for two new funds.
The first filing to go through was for what appears to be the firm’s sixth flagship fund, an entity with the somewhat unimaginative name of “True Ventures VI, L.P.” The filing suggests the firm is targeting the fund’s size at $325 million, which would make it the largest flagship fund True Ventures has raised to date. As of right now, the firm has not secured LP capital yet for the new fund.
The second filing was for the third investment vehicle in True Ventures’s “Select” series of funds, which make later-stage investments in companies which received prior funding from one of its five extant flagship funds. “True Ventures Select III, L.P.,” much like the sixth flagship fund, is also targeted at $325 million and has yet to raise from outside investors.
Following the trend of its flagship fund, if the firm manages to raise $325 million, Select III would be the largest opportunity fund True Ventures has raised to date. The firm’s first opportunity fund was $102 million and closed in May 2015. Its second, announced in June 2017, topped out at $112 million.
In both cases, it’s important to keep in mind that fundraising targets are exactly that: targets, which can be overshot or undershot. As with all filings, Crunchbase News will keep tabs on these two and report on new developments as they avail themselves.
Illustration: Li-Anne Dias