The VC’s fundraising trajectory has been rapid. Only a few weeks ago, it revealed in a S.E.C. filing that it was raising $200 million. At the time, it had yet to reel in any capital.
peHUB couldn’t hastily turn up any returns data, so the anecdotal stuff is the best we’ve got to go on. It seems True Ventures managed to tap some true winners with its funds. Successful exits include two separate deals with AOL, in which True Ventures sold About.me in December 2010 and blog content engine Sphere in 2008. Sphere was subsequently rebranded Surphace.
Other exits include Socialcast’s May 2011 sale to VMware, Twitter’s deal earlier this week to buy BackType, and its late 2010 deal to sell Milo to eBay in what was reportedly a $75 million transaction. TechCrunch reported True Ventures held a 25% stake in Milo when it was sold.
On the investment front, True Ventures has been active making seed-stage, Series A and Series B deals in more than a dozen companies so far in 2011, including BackType, Milk, AdKeeper and Yobongo.
According to True Ventures’ site, the VC’s prior funds consist of a $165 million 2006 first fund and a $213 million second fund, which came in 2008.
Among its existing LPs are Argonaut 20, Ohana Holdings, Park Street Capital Private Equity Fund VII, Paul Capital Top Tier Investments IV and Stichting Pensioenfonds ABP, according to Thomson Reuters research.
True Ventures also has some boldface names for partners; among them are Om Malik, founder of GigaOm, Phil Black, the firm’s founder, who spent prior years with Summit Partners and Lightspeed, and Toni Schneider, a venture partner with True, who is CEO of Automattic, the creator of WordPress.
True Ventures did not immediately respond to a request seeking comment for this piece.