OATV Raises $84.5 Million for Third Fund

O’Reilly AlphTech Ventures, or OATV, has secured $84.5 million for a third fund, according to an SEC filing that was processed this morning. The filing states that 51 investors have participated in the fund, and that it intends to raise another $450,000, which will bring its total funding to $85 million.

The seven-year-old firm prefers to invest between $250, 000 and $2 million in portfolio companies, advertising itself as somewhere between angel investors and “traditional venture” Series A investors. It lists 35 startups at its site, including the location-based service Foursquare; the  clothing maker Betabrand; and Bitly, which began life as a URL shortening service but has since become an analytics company.

The firm has seen a small number of its portfolio companies exit to date, including the sale of “intelligent travel organizer” TripIt to Concur, a publicly-listed company whose software tries to ease travel and related expense management for its customers. The deal, in January 2011, paid TripIt $82 miillion in cash and stock and additional considerations that could eventual boost the deal’s value to $120 million. TripIt had raised $13.1 million, including from OATV, European Founders Fund, and Azure Capital Partners.

Among OATV’s newest investments is LittleBits Electronics, a New York-based startup that in July raised $3.65 million to produce and sell electronic component kits for budding engineers, artists and anyone else interested in playing around its hardware. (The deal was led by True Ventures, with OATV, Khosla Ventures, and Lerer Ventures joining the firm.)

OATV — which closed its second fund with $59.25 million in 2010 and raised $51 million for its first fund in 2007 — has three primary managers: investor cofounder Bryce Roberts, who was previously an investor with the Draper Fisher Jurvetson affiliate fund Wasatch Venture Fund; Tim O’Reilly, the founder of CEO of book publisher and conference organizer O’Reilly Media; and Mark Jacobsen, who joined O’Reilly Media in 1995 and managed its investment portfolio for nine years before OATV was established.

Image: Logo courtesy of OATV.