Washington, DC-based venture capital firm Revolution Growth closed its third fund at $525m.
Led by Steve Case, Donn Davis and Ted Leonsis, Revolution Growth III will invest capital in businesses outside of Silicon Valley that are leveraging technology and new models to disrupt existing, multi-billion dollar industries including healthcare, education, transportation, energy, financial services, food and government services.
The fund typically invests $25-50m in each company.
With this $525m fund, which exceeded the $450m target, plus its previous Revolution Ventures fund, the firm now manages $1.1 billion in committed capital. Revolution Growth will continue to focus on investing $25-50m in “speed-up” situations while Revolution Ventures will continue to invest $5-10m in promising startups.
Revolution Growth’s team also includes partners Steve Murray, Scott Hilleboe, and Evan Morgan, Vice presidents Kristin Gunther, Ashley Larson and Chris Hughes and associate Patrick Conroy.
Backed companies include Revolution Foods, Bedrock Manufacturing (Shinola and Filson), Optoro, CustomInk, Handy and sweetgreen.