CRV raises $600m

Charles River Ventures (CRV) held a final close of its 17th flagship vehicle, CRV XVII, on $600 million.

The oversubscribed fund, which surpassed the firm’s initial target of $450 million after ten months on the road, will continue CRV’s strategy of providing venture capital to early-stage tech companies, with a particular focus on bioengineering, consumer and enterprise sectors. However, according to the Cambridge, Massachusetts-based firm’s blog post, Fund XVII has an additional mandate to make growth-oriented investments, unlike CRV’s predecessor vehicles.

CRV, which also has an office in Palo Alto, California, closed its 16th and most recent vehicle on $393 million in July 2014.