Venture capital firm Intersouth Partners has held its first and final close on its seventh fund at $275 million (€216 million), exceeding its fundraising goal.
The fund will invest in seed stage and early stage life sciences and IT companies in the southeast United States, focusing on companies in the “innovation corridor” between Washington, DC through North Carolina’s research triangle and Atlanta, Georgia, and on to Florida.
Founded in 1985, Intersouth manages more than $775 million. The firm typically invests between $500,000 and $8 million in a first round and up to a total of $20 million in each of its portfolio companies.
The firm’s previous fund, Intersouth VI, closed at $205 million in February 2003. That fund has invested in 18 companies to date.