PALO ALTO, CA--(Marketwired - August 25, 2016) - Early-stage venture capital firm True Ventures announced today that it has raised $310 million for its fifth fund, True Ventures V. With the close of this fund, True now manages approximately $1.3 billion in capital. True received support from substantially all of its existing investor base and welcomed a select few new institutional investors into Fund V.
Celebrating its 10-year anniversary this year, True Ventures is widely regarded as a leading early stage technology investor. The firm has enjoyed a consistent track record of success in multiple markets including connected hardware, enterprise software and infrastructure. Successful investments include Fitbit (NYSE: FIT), MakerBot (acquired by Stratasys), Goodreads (acquired by Amazon), BrightRoll (acquired by Yahoo!), and Automattic (the company behind WordPress). More recent investments which reflect True's commitment to bold early-stage opportunities include Peloton, Ring, Puppet Labs, Duo Security and Namely.
Fund V enables True to continue investing in "founders of movements" and "products that capture the world's imagination." True Co-founder Jon Callaghan said, "We've succeeded because of our unrelenting focus on making the dreams of today's creative founders come true. We strive to empower entrepreneurs with the collaborative power of our platform. After ten years in business and many successful outcomes, we remain committed to our founding beliefs that people are everything, and that big things start small. We look forward to meeting, funding and serving missionary founders with Fund V."
True Ventures is known for being the first early stage VC firm to create a "founder platform" incorporating educational events, communication tools, resources and community initiatives for founders and their teams, families and communities. This includes True Ventures' signature events: True University, a two-day "startup school" to educate employees at True portfolio companies about all aspects of the entrepreneurial experience; and Founder Camp, a two-day deep dive into the unique challenges and experiences facing founders of early-stage companies.
True's founder platform also includes two initiatives aimed at building the entrepreneurial talent of tomorrow: True Entrepreneur Corps (TEC), a 10-week fellowship program where college juniors and seniors can learn what it's like to work at a startup firsthand; and the Priya Haji Fellowship, a nine-month program for new college graduates—particularly women—seeking their first full-time startup jobs.
Recently, True expanded its reach even further by focusing on the impact the firm could have upon the broader community. To that end, it launched True Impact, an initiative to extend the power of True's creative platform, people and brand to nonprofit organizations improving the community.
John Foley, CEO and founder of Peloton, said it is this commitment to building something bigger that makes True unique. "Everyone in the Valley knows True's track record of great investments," said Foley. "But what founders tell each other about is the incredible amount of support and consideration True gives to entrepreneurs and their teams. It's rare to find VCs who actually care, and they do."
True Ventures plans to continue its investment focus on bold ideas disrupting big markets as it invests out of Fund V. The fund's first investments include a high-powered laser metal printer, a user experience design "school," a virtual reality application and genome sequencing technology.
True Co-founder Phil Black said it's an incredibly exciting time to be investing in new technology companies. "We were one of the earliest investors in connected devices with our Fitbit investment in 2008 and we will continue to devote a significant portion of our fund to connected hardware and sensors," said Black. "Other areas of focus for True are enterprise SaaS and infrastructure software. We are also very excited about expansive opportunities in core sciences including space innovation and digital biology."
About True Ventures
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology startups. With five funds and capital under management in excess of $1.3 billion, True provides seed and Series A funding to the most talented entrepreneurs in today's fastest growing markets. With a mission to make the world a better place for entrepreneurs, True encourages each founder's vision and has built resources to empower the employees, families and communities of its portfolio companies. The firm maintains a strong founder community and offers innovative educational opportunities to its portfolio, helping entrepreneurs achieve higher levels of success and impact. With more than 200 companies funded and multiple companies acquired, the current True portfolio has helped create over 8,500 jobs. To learn more about True Ventures, visit www.trueventures.com.