CAMBRIDGE, Mass. and MENLO PARK, Calif., Feb. 28, 2012 /PRNewswire/ -- Charles River Ventures (CRV), one of the nation's leading early-stage venture capital firms, today announced that it has closed its fifteenth fund, CRP XV, at $375 million.
The fund will continue CRV's focus on early-stage technology investments with disruptive technologies, teams and business models. "CRV has seen consistent liquidity from our portfolio over the last decade, with 21 major liquidity events, IPOs and company acquisitions since the collapse of the bubble," said Izhar Armony, general partner, Charles River Ventures. "CRP XV is a testament to our 42-year tradition of working with passionate and innovative entrepreneurs to build market-leading companies. Heavily over-subscribed, we closed the fund in just two months at the top end of our range."
CRV's recent IPOs have generated more than $2.6 billion in market capitalization. The exits include: RPX Corporation, Broadsoft, and The Active Network. Additionally, Millennial Media, the world's second largest mobile ad network, which recorded more than $100 million in revenue in 2011, also filed to go public earlier this year. CRV saw two significant portfolio company acquisitions in the same time period. BNI Video was acquired by Cisco and Vlingo's pending acquisition by Nuance Communications, Inc.
With CRP XV, CRV will continue to invest in early-stage technology companies within the mobile, Internet, and software segments, as well as emerging companies focused on energy and intellectual property. The CRV portfolio includes global leaders in Software-as-a-Service (Zendesk, Yammer, Hubspot), mobile technologies and advertising (Millennial, Vlingo, Affirmed, SpiderCloud, Fiksu, Webaroo), energy (Rive, 24M, TerraPower) and disruptive consumer technologies (Udacity, iControl). In addition, CRV seeks out investment opportunities in the earliest stages, and frequently provides seed funding to promising entrepreneurs with breakout potential.
The investing partners of CRV XV include Izhar Armony, Jon Auerbach, Saar Gur, Bruce Sachs, Devdutt Yellurkar and George Zachary. CRV's limited partners include long-standing investors with the firm, including major universities, pension funds and non-profit institutions. "We are thankful and honored to have such a world-class list of investors that believe strongly in early-stage venture capital," said Jon Auerbach, general partner. "Due to the demand in the fund, we unfortunately had to turn away many prospective investors but we needed to do so in order to remain committed to small and focused funds."
About Charles River Ventures
Founded in 1970, Charles River Ventures is bi-coastal venture firm. With a 42-year history, it is one of the nation's oldest and most successful early-stage venture capital firms. CRV is dedicated to helping exceptional entrepreneurs turn their ideas into the next category leaders in high growth technology and media sectors. Over the past 20 years, CRV funds have been ranked among the industry's top performers. CRV has offices in Cambridge, MA and Menlo Park, CA. For more information visit www.crv.com.
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SOURCE Charles River Ventures