Northern Virginia, Maryland and Colorado-based Venture capital firm Grotech Ventures closed its eighth fund, at $225m.
Grotech Ventures II, which was raised from both existing and new investors, invests in early stage IT companies in high growth markets including:
– digital media;
– social, mobile & cloud computing;
– enterprise and infrastructure software;
– security technologies;
– consumer internet & ecommerce; and
– energy and healthcare IT.
The fund will be consistent with the firm’s strategy to invest small amounts of capital initially (starting at $500k) and then continue to invest as the company grows by forming syndicates with other investors.
Founded in 1984 and led by Frank Adams, Chuck Cullen, Lawson DeVries, Steve Fredrick, Don Rainey and Joe Zell, recently exited NexGen Storage, which was acquired in April by Fusion-io, Inc. (NYSE: FIO) for approximately $119m in cash and stock (read here). The firm has already made 12 investments from the new fund.