Folsom, CA-based venture capital firm Moneta Ventures closed its first fund at $25m.
The firm also named Kevin Nagle to its investment board. Mr. Nagle is the lead investor with the Sacramento Republic FC, Vice Chairman of Envision Pharmaceutical Holdings, Inc., and the largest, local shareholder of the Sacramento Kings. He will also be an investor in Moneta’s current venture capital fund.
The fund, which was oversubscribed from its original target of $10-12m, invests 80% Technology and 20% Healthcare Services/Healthcare Technologies.
Approximately $8m of the fund has been deployed so far with the company investing in a diversified portfolio of eight companies including 5th Planet Games, Kura MD, Work Truck Solutions, Wellness Management, HomeZada, MindTickle, TecSport Games and Perkville.
The remaining will be invested over the next three to four years in tech companies in the software and cloud services (including gaming and mobile applications), IT services, internet and consumer services sectors with annual revenues between $500,000 and $5 million and scalable growth potential.
The firm is led by Managing Partner Lokesh Sikaria.