Summary:
Redpoint Ventures raises $650M for its 10th early-stage fund, matching its previous fund's size
The firm's consistency in fundraising highlights strong limited partner confidence amidst a broader venture capital downturn
Managed by four partners, including Erica Brescia, former GitHub COO
Investments include Poolside, Cockroach Labs, and Levelpath
Recent successful exits: Next Insurance, Tastemade, and HashiCorp
Redpoint Ventures, a stalwart in the San Francisco venture capital scene with nearly 25 years under its belt, has successfully raised a $650 million early-stage fund, marking its 10th such fund. This achievement mirrors the size of its predecessor fund raised three years prior, showcasing a remarkable consistency in an era where many venture firms are scaling back.
A Sign of Confidence
In a climate where venture capital fundraising is witnessing a downturn, Redpoint's ability to maintain its fund size speaks volumes about the confidence its limited partners have in the firm's strategy and performance. The early-stage fund is spearheaded by four managing partners: Alex Bard, Satish Dharmaraj, Annie Kadavy, and Erica Brescia, the latter joining in 2021 after a notable tenure as GitHub’s COO.
Notable Investments and Exits
The firm's portfolio boasts innovative startups like AI coding startup Poolside, Cockroach Labs, and procurement management platform Levelpath. Redpoint's growth strategy, led by a separate team, recently saw its fifth growth-stage fund close at $740 million, a slight uptick from its previous fund.
Recent exits highlight Redpoint's keen eye for promising ventures, including Next Insurance's $2.6 billion sale, Tastemade's acquisition by Wonder for $90 million, and IBM's $6.4 billion purchase of HashiCorp.
Despite reaching out, Redpoint chose not to comment on this milestone.
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