Shasta Ventures announces closing of its second fund at $250M
October 31, 2007
MENLO PARK, Calif. -- Shasta Ventures today announced the closing of Shasta Ventures II, L.P., a $250 million venture capital fund formed to make investments in early-stage technology companies. Limited partners in the fund are primarily returning investors from Shasta's first fund, encompassing many leading institutional investors including endowments, foundations, pensions and family offices.
Shasta Ventures, which began investing its first fund of $210 million in early 2005, has made 22 investments to date in early-stage companies spanning consumer and business internet services, mobile and wireless, and software and infrastructure. With its new fund, the firm will continue this investment strategy. Companies in the Shasta portfolio include Arch Rock (sensor networking), Eye-Fi (wireless photography), SayNow (voice and text services), Mint (online personal finance services), Lithium (hosted community services) and Turn (automated advertising platform). To date, two Shasta portfolio companies have been acquired: Logoworks (acquired by HP) and iConclude (acquired by Opsware).
"The interest from our investors was very strong and we were able to close the fund quickly following an efficient process," said Tod Francis, a managing director for Shasta Ventures. "This new fund enables us to continue our strategy of working with early-stage entrepreneurs who are leveraging technology to improve customer experiences."
Shasta Ventures
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