Sierra Ventures, a San Mateo, CA-based early-stage technology focused venture capital firm, closed the twelfth investment fund, at $215m.
Sierra Ventures Fund XII was oversubscribed and the prior fund’s institutional investors increased their commitment to the new vehicle. Interest was driven by the success of Fund X (2012) portfolio companies, with nine notable exits to date including Treasure Data (ARM) and RedLock (Palo Alto Network), both acquired in late 2018 for a cumulative purchase price of almost $800m.
Similar to Funds X and XI, Fund XII will have a focus on investing in early-stage Next Generation Enterprise and Emerging Technology companies that are transforming and disrupting industries.
Managed by Mark Fernandes, Tim Guleri, and Ben Yu, who have worked together for 17 years, The fund will continue its investment focus on Seed and Series A stage investments, as well as a few Series B investments in companies that show high potential revenue growth.
Sierra Ventures has over $2 billion of assets under management and this year also marks the 15th anniversary of the its Sierra Ventures CXO Advisory Board, a consortium of Global 1000 IT executives – CIOs, CTOs, CDOs, CMOs, CISOs – in Financial Services, Healthcare, Retail, and Technology. CXO Advisory Board members act as an extension of the Sierra Ventures team, providing feedback to companies in the portfolio while getting a first look at emerging technologies expected to impact the enterprise.