True Ventures, an early-stage venture firm, has closed a $290 million fund. This is the fourth fund for the firm, having raised almost $900 million since 2005.
True currently has 125 companies in its portfolio with a focus on software, media and commerce. Current investments include Fitbit, for fitness tracking, and StockTwits, a social media site for investors.
Although the firm focuses on young startups in seed stage and Series A rounds, several of its investments resulted in significant acquisitions. 3D printer MakerBot was sold to Stratasys (SSYS) for over $600 million and Amazon.com (AMZN) acquired book recommendation site Goodreads for about $150 million.
"We believe our job as venture capitalists is to invest in the biggest ideas with the potential to have enormous impact on our world," said founder Jon Callaghan in a statement.
The firm aims to help startups through True University, which teaches portfolio companies about successful entrepreneurship. Other programs include Founder Camp for early stage companies and True Entrepreneur for college students.
True raised capital from most of its existing investor base and added some institutional investors.
True Ventures frequently co-invests with Foundry Group, having participated in 18 rounds together. They also have worked with First Round Capital and Khosla Ventures in 12 rounds.
The majority of the firm’s investments are in California startups, with about 74% of its capital spent there. True also invests in New York, Oregon and Florida startups.
True has offices in San Francisco and Palo Alto, California. The firm says it has helped create more than 3,500 jobs through its investments.
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