Charles River closes 12th fund on $250m

The Waltham, Massachusetts and Menlo Park, California early-stage venture capital firm will continue to finance data communications, and software and service companies.

Waltham, Massachusetts and Menlo Park, California-based venture capital firm Charles River Ventures has closed CRP XII on $250 million (€199 million).

The closing of this latest fund brings the early-stage investment firm’s total capital under management to approximately $1.6 billion. The firm’s 11th fund closed in February 2001 on $1.2 billion, but was downsized to $450 million in May 2002. The firm’s 10th fund closed in February 2000 on $500 million.

“CRV remains committed to finding and investing in the most promising innovations and entrepreneurs with the potential to create the next generation of category-leading companies,” CRV partner Bruce Sachs said in the statement. “We are excited about the opportunities in front of us and look forward to deploying CRP XII for the continued success of our investors, the entrepreneurs we back, and our firm.”

 

Founded in 1970, Charles River Ventures invests with entrepreneurs operating in the data communications and software and services sectors. Past investments include Cascade, Chipcom, CIENA and Sonus Networks. Earlier this month, the firm hired former Mohr, Davidow Ventures general partner George Zachary as a venture partner.