Charles River Ventures, the venture firm known for backing Twitter from its earliest days, said it has raised $393 million for its latest fund.
The fund, Charles River’s 16th, comes in slightly above the $375 million the firm raised two years ago, amid a solid overall environment for venture capital fundraising. Last week, the National Venture Capital Association said U.S. venture capital funds raised $7.39 billion in the second quarter, more than double the amount a year earlier.
The new fund is Charles River’s first raised with the bulk of its investing team based in California’s Menlo Park rather than Boston, where the firm was founded, partner Jon Auerbach said in a blog post.
“The West Coast is where the center of gravity for technology and investing, especially in consumer, mobile and cloud computing, has clearly shifted,” Auerbach wrote. “Over the past 12 years, we’ve taken our rich East Coast history from our office next door to MIT and gone West.”
Many venture firms with roots on the U.S. East Coast, including Greylock Partners and Battery Ventures, are placing increasing emphasis on the West Coast.
Charles River specializes in early-stage investing.
(Reporting by Sarah McBride; Editing by Leslie Adler)