Redpoint Secures $650M for Early-Stage Fund After 3 Years
▼ Summary
– Redpoint Ventures raised a $650 million tenth early-stage fund, matching the size of its previous fund raised three years ago.
– The firm’s consistent fundraising contrasts with market trends where many venture firms are reducing capital hauls, suggesting satisfied limited partners.
– Redpoint’s early-stage strategy is led by four managing partners, including Erica Brescia, who joined in 2021 after serving as GitHub’s COO.
– Recent early-stage investments include AI startup Poolside, Cockroach Labs, and Levelpath, with notable exits like Next Insurance and HashiCorp.
– The firm also manages a growth strategy, raising $740 million for its fifth growth-stage fund last year, slightly up from its prior $725 million fund.
Redpoint Ventures has successfully closed its tenth early-stage fund at $650 million, maintaining the same fundraising scale as its previous effort three years ago. The San Francisco-based venture capital firm, founded in 1999, continues to demonstrate stability in a market where many competitors are scaling back.
The early-stage strategy is spearheaded by four managing partners: Alex Bard, Satish Dharmaraj, Annie Kadavy, and Erica Brescia, the latter joining in 2021 after serving as GitHub’s chief operating officer. Their recent high-profile bets include Poolside, an AI-powered coding startup founded by former Redpoint partner Jason Warner, alongside investments in Cockroach Labs and procurement platform Levelpath.
Beyond early-stage ventures, Redpoint operates a growth-stage arm led by partners Logan Barlett, Jacob Effron, Elliot Geidt, and Scott Raney. Last year, the firm secured $740 million for its fifth growth fund, a modest uptick from the $725 million raised in 2020.
Recent exits highlight Redpoint’s strong track record, with Next Insurance selling for $2.6 billion, Tastemade acquired by Wonder for $90 million, and HashiCorp’s blockbuster $6.4 billion deal with IBM. While the firm declined to comment on the latest fundraise, its consistent performance suggests continued confidence from limited partners.
(Source: TechCrunch)
