Palo Alto, Calif.-based venture capital firm True Ventures closed two funds, totalling $635m.
– its sixth early stage fund, True Ventures VI, LP, at $350m, and
– its third Select Fund, True Ventures Select III, at $285m.
Fund VI will continue investing in dynamic, category-leading founders building companies across a range of industries. Investments will include enterprise software, hardware devices, consumer products, cryptocurrencies and innovation in digital biology.
Select III will provide significant follow-on capital to existing portfolio companies that have achieved meaningful market traction. Zymergen, a molecular technology company leveraging biology and machine learning to engineer new materials, and fitness-media company Peloton have both received funding fro the Select Funds.
Co-founded in 2005 by Jon Callaghan and Phil Black, True Ventures invests in early stage technology startups. With more than $2 billion under management, the firm provides seed and Series A funding to talented entrepreneurs. To date, it has invested in more than 250 companies.
True also offers educational and community programs. This fall, the firm launched the True Spark Fellowship, a new career pathway program open to Black and Latinx college graduates and graduate-age professionals at the beginning of their technology careers. The first class will join True portfolio companies in September 2019. The True Spark Fellowship adds to the True Entrepreneur Corps Fellowship for college juniors and seniors looking to forge careers at high-impact technology companies and the Priya Haji Fellowship designed to provide those who identify as women, trans-women, genderqueer or non-binary with pathways to their first startup jobs.