Canaan Partners, a Menlo Park-based venture capital firm, raised $675m for its tenth fund.
Canaan X, which brought the total capital under management to over $4.2 billion, will commit two-thirds to information technology (including fintech, travel, big data, cloud, enterprise, SaaS, and consumer internet) and one-third to healthcare (including biopharmaceutical, medtech and Healthcare IT companies, particularly those addressing healthcare infrastructure). It will primarily invest in early stage and seed stage startups, the latter of which represents twenty-five percent of its portfolio.
The close of the fund follows a year with a dozen liquidity events in the past twelve months.
Recent exits include Ebates (acquired by Rakuten for $1 billion), Labrys Biologics (acquired by Teva Pharmaceutical for up to $825m), Civitas Therapeutics (pending acquisition by Acorda Therapeutics for $525m), Dermira ($125m IPO), Durata Therapeutics (pending acquisition by Actavis for up to $800m), Skybox Imaging (acquired by Google for $500m), Metacloud (acquired by Cisco) and Israel-based PrimeSense (acquired by Apple).
Led by general partners Maha Ibrahim, Wende Hutton, and newly promoted Tim Shannon, For nearly 30 years, Canaan Partners has recently invested in Kabam, Lending Club, onefinestay, SOASTA, The RealReal and Zoosk (tech) and healthcare investments include Arvinas, Chrono Therapeutics, CytomX, Liquidia, Spinifex and Truveris (healthcare).
It has also offices in New York City and Westport, Connecticut.