Spark Capital, the venture capital fund known for its savvy early-stage investments in web hits such as Twitter, Tumblr, and Foursquare, announced today that it has raised $375 million for a new fund focused on later-stage investing called Spark Growth.
Jeremy Philips, the Internet and technology executive perhaps best known for helping shepherd News Corp. into the digital age as a key executive there from 2004 through 2010, has joined Spark to head up the new growth-stage fund, Spark founder Bijan Sabet said in a post on his personal blog. Philips will be based in New York City, and Spark Growth will be jointly operated out of New York and San Francisco, Sabet wrote.
Spark is not the only tech investor getting into the growth stage of late. Earlier this year, Google announced the launch of Google Capital, a new investment arm separate from Google Ventures that is focused entirely on late-stage investments in more established companies such as Survey Monkey and Lending Club.