Canaan Partners has closed its seventh venture capital fund with $650 million in capital commitments. Its prior fund closed in 2005 with $450 million. In other
Canaan Partners, a multibillion-dollar global venture capital firm, announced today the closing of the $650 million fund, Canaan VIII. Consistent with previous funds, the new fund will focus on building next generation market-leaders in both the technology and healthcare sectors and brings Canaan Partners' total capital under management to $3 billion.
With a 20-year track record as one of the premier investors in innovative early-stage technology and healthcare companies worldwide, the creation of the new fund will enable the firm to continue its strategy of taking active and significant ownership positions in pioneering companies in the digital media, communications, enterprise, clean technology, biopharmaceutical, medical device and diagnostics sectors. In addition, the larger fund will facilitate
“For 20 years, Canaan has been helping innovative technology and healthcare companies achieve exceptional growth and success; the additional capital in Fund VIII will allow Canaan to seek out new, exciting companies and noteworthy entrepreneurs across the globe,” said Deepak Kamra, general partner at Canaan. “In addition to our Silicon Valley base, we have key personnel on the ground in
Fund VIII will continue Canaan's focus on digital media investments, both in its Silicon Valley base where it has funded publishing industry-disruptors such as Blurb, and as well as in the New York corridor, where the firm has already funded digital media front-runners, such as Tremor Media, the largest pure-play video ad network; Associated Content, a leading publisher of user-generated content; and Peer39, a pioneer in targeted, semantic advertising solutions.
With its healthcare investments, Canaan has enjoyed 9 positive exits in 3 years and will continue to focus on biopharmaceutical companies with a special emphasis on combating infectious diseases, such as VaxInnate, developer of novel vaccines for pandemic and seasonal influenza; medical device companies developing next generation devices for the treatment of treat chronic and major diseases, such as ReVision Optics (RVO) whose technology corrects vision lost through the natural aging process (presbyopia); and diagnostics that are tied to specific, personalized therapies, such as Transoma Medical, a leading provider of implantable wireless diagnostic systems for patients with chronic cardiovascular disease. “We deliver superior company-building expertise to entrepreneurs, which in turn generates attractive returns for our limited partners,” said Brent Ahrens, general partner at
The larger fund will also allow the firm to expand its reach in
Canaan Partners invests in visionary entrepreneurs and provides them the networks, insights and operational guidance required to build high-performance technology and healthcare companies. For 20 years, they have taken an active and committed role in the companies in which they invest, and have completed more than 69 mergers and acquisitions and 53 IPOs. With $3 billion under management and a worldwide footprint, the firm's technology team is committed to catalyzing the growth of innovative companies in the digital media, communications & mobility, enterprise and clean tech industries. Among its successes are DoubleClick, the leading online advertising solution, Match.com, the most popular online dating site in the world, CommerceOne, the company that pioneered B2B ecommerce; Capstone Turbine, first to market and world's leading producer of commercially viable microturbine energy products; and VOIP equipment supplier Acme Packet, which was one of the top ten performing tech IPOs of 2006. Other