Matrix Partners Closes On Tenth Fund; Raises $450 Million For Early-Stage Investments

Posted: May 10, 2013 in GT

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Matrix Partners just announced the close of Matrix X,
the venture firm’s tenth early-stage technology-
focused fund. As Fortune’s Dan Primack reported in a
scoop in April, the firm raised $450 million for this
fund. The fund will be used to make early-stage
investments in consumer Internet, mobile, enterprise
software and IT infrastructure. Matrix’s portfolio
includes Gilt Groupe, HubSpot, JustFab, Zendesk
and others. Generally Matrix’s initial investments are
between $2 million and $10 million, and on occasion the firm will make seed-stage and later-stage
investments. The firm’s past two funds also totaled $450 million,
and Matrix says that they chose to keep this fund
size, “despite significant over subscription.” While
past reports indicated that Matrix raised a slightly
lower amount than in previous funds, the firm said
that this was the third consecutive fund that totalled $450 million. As explained in a release: “Unlike Matrix
IX, this fund will be our only US investment vehicle.
Due to the unusual market conditions in 2008, we
coupled a $150M Special Opportunity Fund with
Matrix IX to take advantage of some unique
investment opportunities we thought might emerge, but we never called any capital in that fund.” In addition to the U.S., Matrix also makes
investments in China and India.

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