Upfront raises $400 million for sixth early stage fund


Upfront Ventures said it raised a $400 million for a sixth early stage venture capital fund, a big jump in capital from the firm’s previous fund.

Upfront V from 2014 was $280 million, according to Thomson Reuters.

In a blog post, the firm said the new fund brings capital under management to nearly $2 billion.

The post from Managing Partner Mark Suster said 88 percent of the firm’s deals are seed or Series A transactions and its median check size is $2.8 million. He did not address how the new larger fund may influence this strategy.

The firm does about 15 new deals every year or, with six partners, slightly more than two per partner. Investment partners for the new fund are Yves Sisteron, Greg Bettinelli, Kara Nortman, Kobie Fuller, Kevin Zhang and Suster.

Slightly more than 40 percent of Upfront’s investments are in greater Los Angeles. Another quarter are done in the San Francisco Bay Area and 15 percent are made in New York.

“There’s no doubt in my mind that ‘LA is having a moment,’ and both VCs and LPs realize it,” Suster wrote.

The post can be found here.