Greycroft Partners, the venture firm founded by Alan Patricof, has upped its inaugural fund size to $75 million, according to a regulatory filing.
The fund was set at nearly $55 million. But since then, Patricof has hired a partner in Los Angeles, Dana Settle (former veenture partner with Mayfield Fund) and Drew Lipsher (former head of a division of Universal Music Group) in New York. Greycroft makes early stage investments in the new media sector, including wireless, media and entertainment companies. Investmentl range from $500,000 to $3 million.
Patricof is a legendary New York investor who made his mark in 1969 with Alan Patricof Associates. The firm was an early investor in Apple Computer, and in 1987 became the first U.S. venture shop to establish a European affiliate. In 1991, Patricof renamed the U.S. group Patricof & Co. Ventures, while calling his entire international effort Apax Partners.