HomeAway backer Redpoint closes $400 million early-stage fund

SAN FRANCISCO Wed Jan 16, 2013 7:39pm EST

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SAN FRANCISCO (Reuters) - Redpoint Ventures, the venture-capital firm behind digital-video recording company TiVo and vacation-rental company HomeAway, has closed a $400 million fund, the firm announced Wednesday.

Redpoint V will focus on early stage companies from areas including mobile, social and cloud; entertainment; and big data. Reuters first reported Redpoint was raising the fund in November.

The fund comes about a year after Redpoint closed on a $400 million growth fund and about three years after it closed on Redpoint IV.

A gap is widening in venture capital between top-tier funds that find it easy to raise money and less established funds, which are struggling.

Last quarter, 42 venture-capital funds raised a total of $3.3 billion, according to the National Venture Capital Association, with the top five funds accounting for more than half of total fundraising.

Redpoint is known for early-stage technology investing. It now manages $3.3 billion, the firm said.

(Reporting by Sarah McBride; Editing by Phil Berlowitz)

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