US-based Bessemer Venture Partners has raised an additional $350 million for Bessemer Venture Partners VII, a $1 billion fund that closed in June 2007.
“This supplement to our BVP VII fund will ensure that we can take advantage of future investment opportunities and that the companies within the Bessemer portfolio have continued access to capital,” Ed Colloton, chief operating officer of Bessemer, said in a statement.
When BVP VII was raised, the firm allocated $350 million from it toward investments in India.
In July 2008, Bessemer formed a four-person advisory group for its Indian operations. Its investments in India include NetAmbit, a financial products distribution company; Tulip Telecom, a data communication services provider; and Venus Remedies, a pharmaceutical manufacturer. Since 2004, the firm has invested in 21 Indian companies and maintains a 14-strong team based in Mumbai.
Bessemer has invested in more than 130 startups globally and manages assets of more than $2 billion.