Battery Ventures, a venture capital and private equity firm focused on technology and innovation investments, has closed its eighth fund on $750 million (€550 million).
“This is the right size fund for our investment strategy and organizational structure,” said general partner Tom Crotty in a statement. “$750 million gives us the flexibility to keep doing smaller, earlier stage deals but to also write larger checks for growth equity and buyout deals.”
The firm has also promoted three employees to general partners: Neeraj Agrawal, Michael Brown and Sunil Dhaliwal.
Agrawal joined Battery in 2000, before which he was a product manager at Real Networks, a management team member at a satellite TV station SkyTV, and a management consultant at Booz-Allen.
Brown came to Battery in 1998 from the High Technology Group at Goldman, Sachs & Co. Dhaliwal came from the High Technology Group at Alex Brown & Sons.
Battery closed its seventh fund in October of 2004 on $450 million. Since then, the firm has arranged initial public offerings for five of its portfolio companies in the past 18 months, one of which, wireless communications provider MetroPCS, raised $1.15 billion on the New York Stock Exchange. It has also made a number of profitable exits, including the sale of video-on-demand company Broadbus to Motorola, and retail profit optimization software maker ProfitLogic to Oracle, both for undisclosed amounts.
Battery has offices in Boston, Silicon Valley and Israel, and manages $2.9 billion in committed capital.
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