Khosla Ventures Raises $1B Cleantech And Internet Fund: UPDATE

Vinod Khosla is said to have has closed a new $1.05 billion fund that will enable his firm, Khosla Ventures, to continue its cleantech as well as Internet and mobile investing.

(Update: The new fund, Khosla Ventures IV, along with a vow not to follow the herd but to originate new areas, was announced in a press release.)

The news was reported by both The Wall Street Journal and TechCrunch. Khosla Ventures filed its intent to raise the fund with the Securities and Exchange Commission in May.

Khosla, formerly with Kleiner Perkins Caufield & Byers, told TechCrunch said the new fund will be evenly split between cleantech, and Internet and mobile startups. News of Khosla’s fund comes on his acknowledgement of his and other VCs’ failure investing in now-bankrupt Solyndra, but he said the bad deal was “a speed bump” for his firm and that cleantech would rebound from the bad press.

It comes during a difficult period for venture fundraising. Through the first three quarters of the year venture firms raised only $12.2 billion in new money, a sum that is down 26% from the same period last year. The third quarter saw the lowest amount raised since 2003.

Khosla says he remains interested in cleantech sectors of biofuels and energy efficient lighting. The new fund is his firm’s fourth and follows Khosla Ventures III and a seed fund raised in 2009.

(Update: He said in the press release that his firm has generated almost a billion dollars in profits in cleantech through IPOs and other exits. The firm held investments in three recent biofuels and biochemical IPOs: Amyris, Gevo and KiOR.)

(Update: Khosla Ventures also has investments in the Internet and mobile companies Jawbone, ZocDoc and Lookout. In addition to backing cleantech, mobile and Internet startups, it will invest in IT, cloud services and new areas outside of traditional venture capital, the press release said.)

(Update: “We have identified the ‘Clean Dozen’ companies in clean tech that can achieve unsubsidized market competitiveness and the ‘Cool Dozen’ categories in Internet and mobile in the post-PC world such as big data, emotion, interest graphs and consumer health,” Khosla said.)