Greylock Partners raises $1 billion for new venture fund
SAN FRANCISCO (Reuters) - Greylock Partners, the venture-capital firm behind companies like LinkedIn, (LNKD.N) said on Tuesday it raised a $1 billion fund, its 14th.
The fund will focus on early-stage companies, Greylock partner David Sze said in a blog post, particularly in the areas of seamless technology and the increasing ease of using technology in the workplace.
Founded in 1965 near Boston, Greylock is one of the nation's oldest and most respected venture firms. Its presence was most focused on the East Coast until it made successful and relatively early bets on companies such as LinkedIn, Facebook (FB.O) and Workday (WDAY.N). In 2010, it moved its headquarters to Silicon Valley.
But its partners indicate they do not take for granted their leading position.
"We've got to fight harder to stay there," Sze said in a phone interview. "The insecurity of knowing that doesn't last forever, that's what keeps us going."
While billion dollar funds are common in private equity, they are fairly rare in venture capital. Some other venture firms that have raised billion dollar-plus funds in the past couple of years include Institutional Venture Partners, Andreessen Horowitz, and New Enterprise Associates.
Greylock raised the fund in a "handful" of weeks, all from existing investors, Sze said. It has hired or promoted four new partners this year, including marketplace specialist Simon Rothman.
(Reporting by Sarah McBride; Editing by Leslie Adler)
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