Canvas Ventures Fundraising

Canvas raises $300 mln for second fund

Canvas Ventures, a backer of Houzz, Lending Club and Mulesoft, has wrapped up its second fund, reaching its hard cap of $300 million. The fund, which closed during the summer, is more than 70 percent larger than the firm’s previous early-stage fund in 2013, when the Portola Valley, California, firm raised $175 million in commitments.

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The Alexa Fund backs connected home device Nucleus

New York-based Nucleus, which provides a connected home intercom that incorporates the Alexa Voice Service, announced it has raised $5.6 million in Series A funding. The Alexa Fund, a $100 million fund established last year by Amazon to invest in voice tech, led the round. It’s the first investment Alexa has led. Also participating in the Series A are BoxGroup, Greylock Partners, FF Angel (Founders Fund), Foxconn, Liquid 2 Ventures and SV Angel. Nucleus has now raised $10 million in funding since it was launched in 2014.

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Sutter Hill leads $50 mln funding of Vlocity

San Francisco-based Vlocity, a cloud software company developing customer service technology, announced it has raised $50 million in a funding round led by Sutter Hill Ventures. The round includes participation from strategic investors, including Salesforce Ventures, Accenture, New York Life, Kennet Partners, TDF Ventures and Wildcat Venture Partners. Vlocity, which previously raised a $42.8 million Series A round in April 2015 led by Salesforce, has now raised $92.8 million in funding.

Dundee raises $20 mln, partners with Lakewest

Dundee Venture Capital, an Omaha, Nebraska, seed-stage firm that invests in Midwest startups, said it held an initial close of $20 million for its third fund and partnered with Lakewest Venture Partners in Chicago. Lakewest Co-Founder David Mann will join the Dundee team, which includes Founder Mark Hasebroock and Partners Beth Engel and Greg Beaufait.

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Canaan Partners adds two tech partners, opens San Francisco office

Canaan Partners announced in a blog post on Medium that Joydeep Bhattacharyya and Rich Boyle have joined the roster as partners focused on enterprise software investing. Bhattacharyya, who previously was a principal with Shasta Ventures, will focus on SaaS applications and mobile-first solutions. Boyle, a onetime chief executive of LoopNet.com and most recently an operating partner at Khosla Ventures, will look at artificial intelligence and marketplaces. Canaan announced the hires while holding an open house for its new satellite office in the South Park neighborhood of San Francisco. The firm moved into the second-floor space above Shasta Ventures and which was formerly occupied by Kleiner Perkins Caufield & Byers.

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Fika Ventures seeks $50 mln for inaugural fund

Eva Ho, formerly with Susa Ventures, and Tianxiang Zhuo from Karlin Ventures, have filed a pair of regulatory documents for newly launched Fika Ventures. The Los Angeles firm is seeking $50 million in commitments, according to the filings (here and here). The firm will focus on startups in Los Angeles and the San Francisco Bay Area.

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Oracle buys VC-backed Palerra

Oracle announced it has agreed to buy venture-backed Palerra for an undisclosed price. The Santa Clara, California-based provider of enterprise cloud security had raised $25 million in funding from August CapitalNorwest Venture Partners, Wing Venture Capital and Engineering Capital.

Armaan Ali People IVP
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IVP adds an associate

Late-stage investor IVP, which is currently investing from a $1.4 billion fund, announced Armaan Ali has joined the firm as an associate to focus on enterprise software, Internet and digital media, and mobile investments. He previously was with Qatalyst Partners, a tech-focused boutique investment bank located in San Francisco.

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AI-powered chatbot company Inbenta raises $12 mln

San Mateo, California-based Inbenta, a provider of artificial intelligent-powered chatbots used in customer service support and e-commerce, announced it has raised $12 million in an oversubscribed Series B round of funding. Level Equity led the round with participation by Amasia and previous backer Scale Capital through its Amérigo Chile fund. George McCulloch, Level Equity founder and partner, and Ramanan Raghavendran, chairman of Amasia, have joined the board as part of the funding. Inbenta previously raised $4 million in funding.

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Benhamou leads funding of Totango

San Mateo, California-based Totango, which provides a customer engagement platform for software companies, announced it has raised $8 million in a Series C round of funding. Benhamou Global Ventures led the round, with participation from returning investors Pitango Venture Capital, Canvas Ventures and Interwest Partners. As part of the funding, Eric Benhamou, founder and general partner at Benhamou Global Ventures, will join the board as . Totango previously raised more than $19 million in its two previous rounds of funding, according to Thomson Reuters.

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Investors pour $45 mln into Philz Coffee

Philz Coffee announced in a blog post on Medium that is has closed its Series C round of funding with $45 million in commitments. The round included an investment by TPG Growth, the San Francisco-based coffee chain said. As part of the funding round, Jim Coulter, co-founder and co-chief executive of TPG, and Sanjay Banker, a partner with TPG Growth, have joined the board. Philz has now raised about $75 million in total funding from TPG Growth, Summit Partners, Cowboy Ventures and others.

Scale announces EIR, video series

Scale Venture Partners announced in a blog post that Tim Anglade has joined the Foster City, California-based firm as an executive-in-residence. Anglade was previously vice president of product at Realm, a provider of an embeddable database for mobile developers that was backed by Scale and others. At Scale, he is spearheading a video series the firm launched called the Startup Tapes, which chronicles how entrepreneurs build startups.

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Rothenberg Ventures renames itself Frontier Tech amid turmoil

Rothenberg Ventures, which has seen staff departures as the firm is reportedly unable to secure additional funds for operation, has renamed itself Frontier Tech Ventures. A Backchannel post on Medium reports the San Francisco firm, which has $50 million under management, changed its name on Sept. 12. The Backchannel post says the Securities and Exchange Commission is reportedly investigating the firm, as former employees allege improper accounting practices.

Commerce platform Sourcery raises $5 mln

San Francisco-based Sourcery, a provider of a digital payments and commerce platform for the food service industry, has raised $5 million in Series A funding. The round was led by Marker LLC with Steadfast Capital and existing investors also participating. The company has now raised $7.5 million in total funding. As part of the latest round, Yuval Shachar, co-founding partner of Marker, has joined the board. Sourcery was founded in 2012.

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Canaan leads Series A funding in Arbor

New York-based, Arbor, which provides a marketplace for people-based data, announced it has raised $6.5 million in Series A funding. Canaan Partners led the round with participation from First Round Capital. As part of the latest financing, Canaan General Partner Warren Lee has joined the board. The company, which also has an office in San Francisco, previously raised $2.5 million in funding from First Round and individual investors, including Jim Payne (formerly of MoPub), as well as Nat Turner and Zach Weinberg (co-founders of Flatiron Health). Arbor was founded in 2014.

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Harmony Partners hires associate for NY office

Harmony Partners, a growth-stage investor which earlier this year closed its third fund with $105 million in commitments, announced that Clemens Baumgart has joined the firm as an associate. Baumgart, who will be based out of the firm’s New York office, was previously a strategy consultant at McKinsey & Company, where he advised clients in technology, healthcare and financial services. Harmony Partners also has an office in San Francisco.