Correlation Ventures, a San Diego, San Francisco and New York City-based venture capital firm, closed Correlation III, at $130M.
Limited partners included endowments, pensions, funds of funds and family offices.
Correlation III will co-invest in private, US venture-backed companies positioned to become industry leaders. The firm invests in all industry sectors and investment stages, from pre-seed to growth, and can invest $100K up to $4M in initial investments and up to $10M over the life of its involvement in a company.
Led by co-founder and Managing Directors David Coats, and Trevor Kienzle, Correlation now has approximately $500M under management. Since its founding, the firm has invested in over 400 different companies across all industry sectors. Just a few high-returning investments include SynthorX (IPO then M&A, acquired by Sanofi for $2.5B), Upstart Lending (IPO, market capitalization of $2.5B), IonQ (IPO, market capitalization of $2.1B), MosaicML (M&A, being acquired by Databricks for $1.3B (pending close)), Personal Capital (M&A, acquired by Empower for up to $1B), Janux (IPO, market capitalization of $500M), Lemonaid Health (M&A, acquired by 23andMe for $400M) and Gabi (M&A, acquired by Experian for $320M).
Upon formally announcing the closing of Correlation III, the firm also announced the promotion of two key members of their team, Wesley Barrow and Moiz Saifee, to Partner.
FinSMEs
28/06/2023