DFJ is announcing the raise of DFJ Venture XI, a $325 million early-stage venture fund. For background, DFJ Fund X was $350 million, closed in 2010.
The firm says that while both Tim Draper and John Fisher will remain on DFJ’s management committee and are significant personal investors in the fund, neither will be an investing partner for DFJ Venture XI. As we heard last year, Draper is shifting his role in the fund, and stepping away from investing and focusing his time on Draper University and other initiatives. John Fisher, who co-founded DFJ’s Growth fund in 2006, will be devoting his attention to growth stage investments as a partner on that team.
Among the partners who will be focusing on investing DFJ Venture XI: Steve Jurvetson, Andreas Stavropoulos, Josh Stein, and Bubba Murarka. The firm says it has now backed more than 22 companies that have achieved more than $1 billion in value through an initial public offering or an acquisition (also known within DFJ as the DFJ Ultimate Club).
There is a lot of change afoot at DFJ, with reports of consolidation in ventures in China and India, as well as changes in the firm’s partner network. But DFJ, which was one of the earliest backers of IPO-hopeful Box, could have an interesting (and prosperous) year ahead.