Grotech Ventures, the Virginia-based VC firm behind LivingSocial, HelloWallet and others; is announcing the raise of its eighth fund, Grotech Ventures II (“GV II”), with $225 million in committed capital. The firm says the fund was oversubscribed by more than 10 percent, and was raised from both existing and new limited partners. GV II bringsGrotech’s total capital under management to $1.3 billion across all funds.
Grotech makes investments across all sectors, including digital media; social, mobile & cloud computing; enterprise and infrastructure software; security technologies; consumer internet & ecommerce; as well as energy and healthcare IT. Typically, the firm wants to be the first institutional money raised. Investments range from rom $500,000 to $5 million.
The firm’s past bets include HelloWallet, Invincea, LivingSocial, Logi Analytics, LogRythym, OpenQ, Optoro and Zenoss. As firm founder Frank Adams explains, Grotech will only invest in companies where one of the partners has a “deep domain knowledge in the space.” As for what the new fund will be put towards, Adams says he is focused on markets underserved by other early-stage investors.”