Sierra Ventures, a San Mateo, CA-based early-stage technology venture capital firm, closed the eleventh investment fund, at $170m.
Led by Managing Directors Mark Fernandes, Tim Guleri and Ben Yu, the fund received commitments from existing limited partners, while adding a select few new investors resulting in the increased fund size from the $150m initial target.
Founded in 1982, Sierra Ventures invests in early-stage emerging technologies and innovative business solutions. Part of its resources include the CXO Advisory Board, a forum that unites senior technology executives across a variety of industries, introduces the advisors to Sierra’s portfolio companies, and discusses market trends and new technologies.
Sierra, which has raised over $1.9B in capital and has provided funding to over 225 companies, recently exited InvenSense, Sourcefire, AuthenTec via IPOs, and Ooyala (acquired by Telstra), Greenplum (acquired by EMC), and Bina Technologies (acquired by Roche).
Fund X closed in May 2012 investing in 23 portfolio companies; 19 of which had Sierra as the lead investor.