Floodgate Seeking $75m for Fund IV – Filing
Floodgate, the early stage venture firm founded by angel investor Mike Maples, is seeking $75 million for a fourth fund, according to a securities filing.
The Palo Alto, Calif.-based firm closed its last fund, a $73.5 million Fund III, in 2010. Since then, Maples and partner Ann Miura-Ko have been investing quite actively, backing rounds for at least 14 startups, according to Thomson Reuters, with a focus on the consumer Internet and software sectors.
Neither Maples nor Miura-Ko could be reached for comment regarding plans for the new fund. Presumably the firm will continue to pursue its existing investment model, which, according to its website, aims to “bridge the gap between initial seed money raised from traditional angel investors and the much larger investments that characterize traditional venture capitalists.”
Floodgate and Maples have had some large exits in the last couple of years. DemandForce, provider of a marketing and communications software services for local businesses, sold to Intuit in April for $423.5 million. Maples backed the company’s first round in 2007, and Floodgate Fund backed its second round in 2011. Ngmoco, a mobile game developer that Floodgate backed for multiple rounds, sold to Japanese mobile entertainment company DeNA in October, 2010 for $400 million.
The firm and Maples have also been investors in a number of still-private companies that have since raised significant sums of venture capital and seen sharp growth in usage and valuation. The list includes Twitter, online clothing designer Mod Cloth, and textbook rental site Chegg.
Floodgate’s most recent investments include Rally.org, a social fundraising platform, Xamarin, a creator of software development tools for mobile, and Mass Relevance, a provider of social content marketing services.
Floodgate has not yet closed investments for the new fund, according to the filing.
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