US venture capital firm Shasta Ventures has garnered $250 million (€174 million) in commitments, largely from returning investors, for the firm’s second fund.
Limited partners in the firm’s debut fund, which closed in 2005 on $210 million, included the California State Teachers’ Retirement System, Fort Washington Capital Partners, Paul Capital Partners and the Illinois State Teachers’ Retirement System.
“This new fund enables us to continue our strategy of working with early-stage entrepreneurs who are leveraging technology to improve customer experiences,” Tod Francis, a Shasta managing director, said in a statement.
The 3-year-old firm’s first fund has made 22 investments to date across sectors including consumer and business internet services, mobile and wireless, and software and infrastructure. The fund has had two exits to date: Graphic design service Logoworks, also backed by Benchmark Capital, was purchased in April by Hewlett Packard for an undisclosed sum, and software company iConclude, also backed by Madrona Venture Group and Greylock Partners, was in March sold in a $60 million transaction to Opsware, a company founded in part by Netscape co-founder Marc Andreessen.
Shasta Ventures was founded by Francis, formerly a general partner at Trinity Ventures, along with ex-New Enterprise Associates GP Rob Coneybeer and former Battery Ventures partner Ravi Mohan.