News

Khosla Ventures targets $400 mln for seed fund

According to a Form D SEC filing, Khosla Ventures is seeking to raise $400 million for a seed fund. No further information is available. Menlo Park, Calif.-based Khosla Ventures was founded in 2004 by Vinod Khosla, a Sun Microsystems' co-founder.

Ottawa unveils Immigrant Investor Venture Capital pilot program

The Canadian government has announced its new Immigrant Investor Venture Capital (IIVC) pilot program, which is intended to attract experienced business immigrants to Canada. The program, which will begin accepting applications in late January 2015, targets approximately 50 immigrant investors who have a net worth of $10 million and can make a commitment of $2 million for a period of 15 years. Commitments will capitalize an IIVC fund vehicle, which will invest in Canadian innovative startups with high growth potential. The IIVC fund is expected to raise at least $100 million.

Upfront Ventures raises $280 mln for fifth fund

Upfront Ventures has closed $280 million for its fifth fund, Mark Suster, a general partner at the Los Angeles-based venture firm confirmed in a blog post. The pool's LPs include university endowments, foundations, insurance firms, banks, family offices and fund of funds. According to Suster, the fund will continue the firm's previous investment strategy of focusing mostly on Series Seed and A deals, with half based in Southern California and the other half nationally. In 2012, Upfront raised $200 million for its previous fund. To read more details about Upfront's fifth fund, visit here.

Knight Therapeutics commits $35 mln to Domain, Sanderling funds

Canadian specialty pharmaceutical company Knight Therapeutics Inc (TSX: GUD) has committed a total of US$35 million to new funds managed by U.S. life sciences venture capital firms Domain Associates and Sanderling Ventures. The fund commitments, which follow the company's $30 million commitment in October to Teralys Capital Innovation Fund LP, a life sciences fund managed by Canadian fund of funds manager Teralys Capital, reflect Knight Therapeutics' continuing product sourcing strategy.

New York State launches $50 mln venture fund

New York State is launching a $50 million venture fund to back early-stage regional businesses. The New York State Innovation Venture Capital Fund will focus on tech companies in sectors such as information technology and life sciences/biotech. Empire State Development will administer the fund.

Fund performance: Mid-life venture bets struggle for gains

Longitude, Quaker show improvement in CalPERS Capital Link portfolio

Sequoia Capital to raise 15th venture fund

Sequoia Capital said it is raising a 15th venture fund, according to a document filed with the Securities and Exchange Commission. The filing did not list a target for Sequoia Capital U.S. Venture Fund XV, but did say that an initial sale has not taken place.

MaRS, Virgin Unite partner in launch of $5 mln impact VC fund

Toronto-based commercialization hub MaRS Discovery District and Virgin Unite Canada have announced a partnership that includes a new venture capital fund. The fund has been seeded with $1.5 million by Virgin Unite, Mindset Social Innovation Foundation and other sources to invest in Canadian early-stage for-profit companies with a core social or environmental mission. MaRS, which will manage the fund, will continue raising capital up to a total of $5 million. The partnership will also support several Canadian accelerator programs, including MaRS' Impact8, RADIUS Ventures and Esplanade.

Qualcomm to invest $40 mln in four Chinese start-ups and Chinese fund

Mobile tech powerhouse Qualcomm has committed to investing $40 million in four Chinese start-ups in addition to China Walden Venture Investments, a China-focused semiconductor fund. Among the firms Qualcomm plans to back are 7Invensun, an eye-tracking solution provider; Chukong Technologies, a mobile entertainment platform provider; and Unisound, a voice recognition and processing technology provider.

Fonds de solidarité FTQ commits $15 mln to new Versant fund

The Fonds de solidarité des travailleurs du Québec FTQ has committed US$15 million to the newly closed fifth healthcare fund of U.S. venture capital firm Versant Ventures. The Fonds said it backed the US$305 million fund because Versant is making an important contribution of capital and investment models to Québec’s life sciences sector. Earlier this year, Versant launched a new incubator in Montréal, Inception Sciences Montréal, which specializes in drug discovery and development.