Back in February, peHUB reported that the Colorado-based team of Mobius Venture Capital had formed a new firm called Foundry Group. Now a reliable source says that the firm has held a $158.75 million first close on its debut fund, from limited partners like Guardian Life, Morgan Stanley, Parish Capital and UTIMCO.
Foundry had originally been targeting $175 million, but has since bumped it up to $225 million with a final close expected within the next month.
I was drinking with some Foundry guys earlier this year at VC in the Rockies, when one of them got a cell phone call with word of their first institutional commitment. Lots of excitement all around, although everyone kind of shut up once they remembered that a reporter was in their midst (they declined comment for this piece).
Probably an even bigger celebration for the first close, and it really is quite impressive. Mobius doesn’t exactly have a stellar reputation for recent returns, as evidenced by some Silicon Valley partners who are still on the job market. But apparently Brad Feld’s track record helped Foundry make the grade, along with those of fellow Foundry partners Seth Levine, Ryan McIntyre, Jason Mendelson and Chris Wand.