Foundry Group to raise $500 mln for its Next initiative

Foundry Group has set out to raise $500 million for its Foundry Group Next initiative, according to a filing with the SEC.

Foundry Group Next will combine under a single umbrella the firm’s direct investments in promising later-stage startups from inside and outside the Foundry Group portfolio, as well as investments its partners make in other firms and funds, PE Hub reported late last year. The firm already has its Foundry Group Select fund for follow-on investing inside its portfolio.

Managing the fund will be the firm’s long-time partners Brad Feld, Seth Levine, Ryan McIntyre and Jason Mendelson, along with new arrival Lindel Eakman, who joined last year from the University of Texas Investment Management Company.

A first close has not been reported for the new fund.