Holy Trinity! Menlo VC to Reveal 11th Fund Close Soon

Trinity Ventures, the West Coast VC with decades’ worth of old- and new-school venture capital plays in its portfolio, will soon announce a close on its 11th fund for up to $300 million, two sources told peHUB.

The firm has kept LPs happy over the years with hits from deals like Starbucks Corp. and Jamba Juice—perhaps a bit of an anomaly for a Menlo Park venture capital firm—but also with investments in startups like Truaxis (acquired by MasterCard).

Other tech companies backed by the early-stage investor went on to be acquired by strategics including LinkedIn (bought Connected), Sun Microsystems (deal for SevenSpace), and Symantec (Sygate Technologies), according to Thomson Reuters data.

Sources declined to identify any changes to the VC’s partnership structure. Trinity declined to comment for this story.

In 2009, Trinity wrapped up a $300 million Fund X. News that the VC would set out fundraising again was initially reported by Bloomberg in June.

After ramping up fund size slowly for more than a decade (the VC was founded in 1986), beginning with its seventh fund, at $287 million in 1999, Trinity Ventures began regularly pursuing $300 million vehicles, according to Thomson Reuters’ data. Since then, the VC has raised a fund for $294 million (2000), $303 million (Fund IX in 2005) and $307 million in 2009, Thomson Reuters’ data shows.

There is limited data available on Trinity Ventures. The VC firm’s eighth fund, according to CalPERS data, had an investment multiple of 1.10x.

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