Ignition Venture Partners is seeking to raise $150 million for a planned fifth fund, according to a securities filing. The size is a major reduction from the last fund, which totaled $400 million and closed in 2007.
Seattle-based Ignition, founded by veterans of Microsoft, invests primarily in cloud computing, mobile and consumer technology companies. The firm invests actively at the early stage, but also does later stage deals. Its portfolio includes big data platform provider Cloudera, travel site Hipmunk and online signature service DocuSign.
Ignition has racked up a few exits recently, as well. Of those, the largest was analytics provider Splunk, which went public last year and is currently valued around $3.3 billion. Ignition owned about 12% of the company at the time of the IPO. Other recent exits include cloud storage provider StorSimple, which Microsoft is buying, and mobile device management software provider Zenprise, which sold to Citrix in December.
In addition to raising a much smaller fund, Ignition also appears to be scaling back its team. The filing lists four general partners: Robert Headley, Frank Artale, John Connors and Nick Sturiale. Several partners listed on the site are not listed in the filing, including founding partners Brad Silverberg, John Ludwig, Jonathan Roberts, Steve Hooper and Cameron Myhrvold, as well as partners Michelle Goldberg, Richard Fade and Adrian Smith.
Logo courtesy of Ignition Venture Partners.