SAN MATEO, Calif., Jan. 7, 2016 /PRNewswire/ -- Sierra Ventures, an early-stage technology venture capital firm, announced today they have closed their eleventh investment fund, raising $170 million. This fund was oversubscribed and will be focused on investing in early-stage technology companies that can transform and disrupt industries and technologies.
Sierra has extensive experience nurturing early-stage technology startups to rapid growth as the Managing Directors Mark Fernandes, Tim Guleri and Ben Yu, have worked together for almost 14 years. The fund received strong commitments from existing limited partners, while adding a select few new investors resulting in the increased fund size. All institutional investors from the prior fund returned to participate in the new fund.
Interest in Fund XI was driven by the initial success of Fund X portfolio companies, and has achieved five successful exits. Bina Technologies, Nexgate, Social Touch, Tempo AI and Ximalaya were acquired for a combined value exceeding $625 million and were funded during the past three years. Fund X closed in May 2012 and has invested in 23 portfolio companies; 19 of which had Sierra as the lead investor.
"Similar to Fund X, and with the same managing directors, we will continue to fund companies within the enterprise software, connected devices, and consumer marketplace sectors that address consumer and enterprise needs, while also exploring new, emerging technology sectors," noted Fernandes.
"Building on the success of Fund X, Sierra will implement a similar investment model for Fund XI, focusing on seed, Series A and Series B investments. Our entrepreneurial experience and unique Sierra resources bring value to entrepreneurs to ensure maximum business growth," said Guleri.
Part of Sierra's resources include the CXO Advisory Board, a forum that unites senior technology executives across a variety of industries, introduces the advisors to Sierra's portfolio companies, discusses market trends and new technologies.
"I am grateful that Sierra Ventures was a strategic backer to InvenSense before our IPO. They invest with 'smart money,' providing unique resources and financial support to grow companies into market leaders," said Behrooz Abdi, president and CEO of InvenSense. InvenSense was an early stage investment made by Ben Yu, which became a public company and innovator in the motion-processing sector.
About Sierra Ventures
Founded in 1982, Sierra Ventures is a privately held venture capital firm based in San Mateo, CA that invests in early-stage emerging technologies and innovative business solutions. Sierra Ventures is known for its experienced investment team and proven 'hands on' entrepreneurial approach. The Firm seeks out, invests in, and evolves promising early stage start-ups to scale and meet enterprise and consumer market demands by leveraging the Sierra team's unique skillsets, their differentiated CXO Advisory Network and proprietary capabilities.
Sierra has raised over $1.9B in capital and has provided funding to over 225 companies.
A few of Sierra Ventures recent successful exits include the IPOs of InvenSense, Sourcefire, AuthenTec, and the acquisitions of Ooyala (by Telstra), Greenplum (by EMC), and Bina Technologies (by Roche). Sierra has also backed prominent industry leading technology companies like Intuit, Healtheon and Teradata.
For more information visit Sierra Ventures at http://www.sierraventures.com.
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SOURCE Sierra Ventures
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Sierra Ventures Raises $170 Million For Fund XI
Jan 07, 2016, 07:00 EST