Silicon Valley venture capital firm Redpoint Ventures has raised $400 million for Redpoint V, its fifth venture capital fund. The firm says that Redpoint V will be used to invest in early-stage entrepreneurs and startups.
While some other venture capital firms have dramatically increased fund sizes with time, Redpoint has shown an even hand throughout the years. Redpoint’s fifth fund is equal in size to its previous early-stage startup fund, Redpoint IV, which the firm closed back in February 2010. Redpoint III, which closed in 2006, also had $400 million in funds.
Redpoint, which was founded back in 1999, says it has invested in a total of 354 companies over the years, 116 of which have ended in either an IPO or M&A exit. Some of its recent bets on the early-stage side include mobile-focused social network Path, Internet-of-Things chip startup Electric Imp, flash storage company Pure Storage, “sexy” payments startup Stripe, and others.
Looking ahead, Redpoint says it will look to invest its newest fund on startups in these spaces: “new platforms being developed in mobile, cloud and social; next generation entertainment technologies and delivery systems; big data infrastructure and applications, and enterprise class cloud, and mobile infrastructure companies and applications.”
Meanwhile, Redpoint is also looking beyond the early-stage Silicon Valley sector. The firm has expanded its focus in recent years through a partnership with San Francisco venture capital firm e.ventures to invest in Brazilian startups. This past summer, a joint venture established by the two firms called Redpoint e.ventures closed on $130 million for a new fund dedicated to startups based in the burgeoning tech hub of Brazil.