Revolution Ventures – the venture arm of Steve Case’s Revolution– on Thursday afternoon filed paperwork with the SEC indicating its intent to raise a targeted $200 million for “Revolution Ventures III, LP.”
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At this point, no capital has yet been raised for the new fund, and the capital target is subject to change.
The Washington, D.C.-based venture firm focuses “on early-stage venture capital investments in technology-enabled business that have the potential to disrupt major industries,” per its website. It previously raised $200 million in “Revolution Ventures II, LP” in 2013. If fully-raised, this latest fund would bring Revolution Venture’s total funds raised to $400 million.
In recent years, Revolution Ventures has seen a number of exits from its portfolio:
- Booker getting bought by Mindbody for $150 million in March 2018. Revolution Ventures participated in Booker’s $14.5 million Series A and $27.5 million Series B round.
- FitnessKeeper being purchased by Asics for $85 million in February 2016. Revolution Ventures participated in FitnessKeeper’s Series A’s $14.5 million round and $10 million Series B round.
- Food-delivery service OrderUp being acquired by Groupon by $69 million in 2015. Revolution Ventures participated in OrderUp’s Series A $9 million round.
Launched in 2005, Revolution has three core business groups: Revolution Ventures, Revolution Growth, and Revolution Places.
Revolution Ventures has been outspoken about its belief that not all venture investments should be focused in Silicon Valley or New York. In a blog on the Washington, D.C.-based firm’s website, Case wrote: “The Revolution careers page lists jobs available in 105 cities across the country. Over 80% of the more than 1,000 jobs posted today are outside of Silicon Valley, New York, and Boston. And that makes sense.”
Illustration: Li-Anne Dias