Venture

NEA Closes $3.6B New Fund

New Enterprise Associates closed on a $3.6 billion new fund, its largest yet, the firm announced Wednesday.

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The new fund will focus on early-stage investments in technology and health care, and brings NEA’s total committed capital to nearly $24 billion. 

 NEA has invested in high-profile companies like Uber, Plaid  and Cloudflare. Most recently, it invested in Pager’s $22 million Series B and Akouos’ $105 million Series B, both announced last week, according to Crunchbase.

Along with the new fund, the firm announced it named Liza Landsman as a general partner. Landsman joined NEA as a venture partner in 2018 after her time as president of Jet.com, an NEA portfolio company.

“We are deeply grateful to our limited partners for their commitment to NEA and their confidence in our ability to execute on the tremendous opportunity ahead,” NEA managing general partner Scott Sandell said in a statement. “As technology transforms every industry globally and life sciences innovation continues to accelerate, NEA is in a great position to continue doing what we do best—work alongside entrepreneurs to build great companies that will shape the future of how we live, work and play.”

NEA, which was founded in 1977, says it has had more than 230 of its portfolio companies go public and has been involved in more than 390 mergers and acquisitions.

Illustration Credit: Li-Anne Dias

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