New Silicon Valley venture capital fund Icon Ventures said it had raised more than its target amount for its new fund called Icon Technology Partners fund. The fund, which would be investing in technology startups in their early stages, raised a massive USD100 million. Icon Ventures intended to raise around USD80 million.

Co-founder and veteran investor Charles Beeler told VentureBeat over the phone, "The venture climate for fundraising is fantastic. "It's great to see the next generation of entrepreneurs focus on selling to businesses (not consumers). Frankly, it's a huge market opportunity."

Beeler and co-founder Jeff Hinck had wanted to bet on business software startups in various focuses. Beeler and Hinck reportedly were looking to invest in startups in developer tools, security solutions, health IT and mobile marketing software markets, VentureBeat said.

Icon Ventures was said to have hired 80 partners to realize its goal to provide advise to the startups in its portfolio. Google chief information officer Ben Fried and other partners had invested in the said fund.

Fried said in a statement, "I've known the team at Icon for years and am excited to be included in the network of successful entrepreneurs and senior executives they brought together to form the Icon Technology Partners fund."