Shasta Ventures is raising up to $300 million for a fifth fund according to a new SEC filing that lists managing director Jason Pressman and Rob Coneybeer (Coneybeer co-founded Shasta with fellow managing directors Tod Francis and Ravi Mohan in 2004; Pressman joined the following year).
Shasta appears to be sticking with its knitting with its new fund. It saw an enormous return when its portfolio company Nest Labs sold to Google for $3.2 billion in early 2014. (Coneybeer talked with this reporter here about how persistence paid off with that Nest bet.) Even still, its newest fund is targeting the same amount on which the firm closed exactly two years ago.
Its third fund, closed in 2011, was also roughly the same size: $265 million.
Shasta, which focuses on early-stage opportunities, invests in enterprise, consumer and connected hardware companies.
In addition to Nest, Shasta’s many high-profile portfolio companies include the personal finance service Mint (sold to Intuit in 2009); Airware, the drone operating system startup; Eero (the next generation Wi-Fi router company); and the razor-subscription service Dollar Shave Club.