Battery Ventures, an investment firm with offices in San Francisco, Menlo Park, Boston, and Herzliya, Israel, has raised $950 million across two new funds: a main fund, Battery Ventures XI, which is a $650 million pool, and a side fund that will support the company’s larger investments, which closed with $300 million.
The firm previously similarly closed a $650 main fund and a $250 million side fund in 2013.
Battery typically invests between $500,000 and $60 million in companies across a wide range of industries.
In recent years, the firm has seen six companies go public, including the marketing automation company Marketo, which went public in 2013. Another 15 of its portfolio companies have been acquired. In fact, just yesterday, the Lawrenceville, Ga.-based healthcare-software company Brightree announced that it’s being acquired by the medical-device company ResMed for $800 million in cash. Battery began investing in the company in 2008; it became the company’s majority owner over the years.
Battery is among a large number of firms that are expected to announce funds in 2016, with True Ventures, First Round Capital, and Andreessen Horowitz among them. That’s good news and bad news for the institutional investors that write checks to venture firms. As one limited partner told us yesterday, many investors love their venture customers, but they are being inundated with requests for capital at a very bad time, including because VCs haven’t turned as many of their returns on paper into cash as their investors might have hoped.