Feb 27 Venture capital firm Spark Capital raised
$450 million for its fourth fund, making it the largest round
for the Boston-based company.
Spark, which has invested in consumer Internet companies
like Twitter, Tumblr, and Foursquare, will tap this fund to
expand into other sectors like financial services, healthcare
"Our initial focus was on digital media - it's still a focus
of ours," said Spark founder and general partner Todd Dagres.
"In media, a lot has been accomplished. When it comes to those
other industries, it's the second and third inning."
Prior to this fund, the 8-year-old firm raised $360 million.
Dagres said the latest round was oversubscribed.
"Today I wouldn't want to start a social media company,"
Dagres said. "There is a lot of activity in the area, a lot of
seed programs belching out these young companies because the
barriers of entry are so low.
"The barriers of entry to financial, health and education
companies are much harder."