Grotech Ventures Raises $225M For Eighth Fund

Posted: May 13, 2013 in GT, Technology, Venture

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Grotech Ventures, the Virginia-based VC firm behind
LivingSocial, HelloWallet and others; is announcing
the raise of its eighth fund, Grotech Ventures II (“GV
II”), with $225 million in committed capital. The firm
says the fund was oversubscribed by more than 10
percent, and was raised from both existing and new limited partners. GV II bringsGrotech’s total capital
under management to $1.3 billion across all funds. Grotech makes investments across all sectors,
including digital media; social, mobile & cloud
computing; enterprise and infrastructure software;
security technologies; consumer internet &
ecommerce; as well as energy and healthcare IT.
Typically, the firm wants to be the first institutional money raised. Investments range from rom $500,000
to $5 million. The firm’s past bets include HelloWallet, Invincea,
LivingSocial, Logi Analytics, LogRythym, OpenQ,
Optoro and Zenoss. As firm founder Frank Adams
explains, Grotech will only invest in companies where
one of the partners has a “deep domain knowledge in
the space.” As for what the new fund will be put towards, Adams says he is focused on markets
underserved by other early-stage investors.”

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