Venrock raises $450 mln for seventh fund


Venrock Associates has closed its seventh fund with $450 million of capital, according to a July 31 blog post from Partner Bryan Roberts.

Fundraising for Venrock’s seventh pool was completed last week, Roberts said. The new fund feels like “one part cause for proud announcement and 99 parts assumption of a decade or more of responsibility to relentlessly strive for excellence for our two crucial constituencies – the founders, entrepreneurs and teams in whom we invest and the limited partners who have invested in us,” Roberts wrote.

PeHUB reported the Venrock VII fundraising earlier this month. Venrock Associates VI collected $350 million in 2010 while the firm’s fifth fund raised $600 million in 2007. Performance data for either fund was unavailable.

The Rockefeller family launched Venrock in 1969. With offices in Palo Alto, Calif., New York and Cambridge, Venrock focuses mostly on early stage tech companies, but also has separate funds for healthcare investments.

The VC has “enjoyed some recent success,” Roberts said. Venrock has invested in eight companies that produced $1 billion-plus exits over the past five years, he wrote. This year, the VC took public five portfolio companies, including Castlight Health, which soared 149 percent in its debut. Venrock also had five exits, including the $3.2 billion sale of Nest to Google.

Venrock, going forward, is very excited about the intersection of healthcare and technology, Roberts said.  Venrock has also doubled down in New York to “take advantage of the increasing opportunities in the very fertile, growing New York startup ecosystem,” he said.

Executives for Venrock could not immediately be reached for comment.

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