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Battery Ventures XI Closes Pair of Funds Raising $950 Million

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February 25
4:24 AM 2016

Battery Ventures (BV), a Massachusetts based venture capital firm, has raised $950 million across two new funds. Battery Ventures XI, the main fund has been closed at $650 million while the side fund at $300 million.

The firm has previously closed Battery Ventures X at $900 million- $650 million main fund and $250 million side fund in February 2013. The newly raised side fund is expected to support the company's larger investments. Battery has typically invested between $500,000 and $60 million in several companies across a wide range of industries, reports TechCrunch.

Application software/ SaaS, IT infrastructure including cloud computing appears as the key investment sectors of BV. Big-data Technology including cybersecurity, consumer internet, mobile and industrial technology also falls under its area of investment.

BV is focused on investing in innovation cycles rather than business cycles. The innovation cycle still possesses a very long-term time horizon and consumer tech with macro headwinds from BV, reports Fortune quoting Michael Brown, BV general partner, accompanying the firm since 1998.

Current portfolio companies of BV include Blue Jeans Network, GlassDoor.com, HotelTonight, Narrative Science, Practice Fusion and Sprinklr. It has earned a big win over agreeing to sell Brightree, a Georgia based business management and clinical software provider to the post acute care market.

The investment firm is expected to continue target investments at stages ranging from seed to private equity unlike with its predecessor funds. It is also expected to continue deploying capital in increments of a few hundred thousand dollars up to deals worth $100 million for large growth and private-equity opportunities, according to a report published in Globes.

The venture firm has opened a new office in San Francisco in 2015 with previous fleets in Boston, Menlo Park, CA and Herzliya, Israel. The company will continue to make investments globally with the majority of deals in North America, Israel and Europe.

BV has witnessed six of its portfolio companies to go public and fifteen announcing acquisition leaving seed investments. Israeli direct-to-consumer insurance carrier IDI Insurance appears as an example for going public through IPO.

A large number of firms are raising funds in 2016. The list includes True Ventures, First Round Capital and Andreessen Horowitz. This may appear as good or bad news to some institutional investors writing checks to venture firms.

BV is among many venture firms receiving funds in 2016. This may be a good/ bad news for the institutional investors, since in such cases, venture capital firms may not provide sufficient returns vying with investors' predictions. However, Venture Batteries has raised $950 million fund for its eleventh flagship venture surpassing its tenth flagship fund.

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