SAN FRANCISCO, July 14 Charles River Ventures,
the venture firm known for backing Twitter from its
earliest days, said it has raised $393 million for its latest
The fund, Charles River's 16th, comes in slightly above the
$375 million the firm raised two years ago, amid a solid overall
environment for venture capital fundraising. Last week, the
National Venture Capital Association said U.S. venture capital
funds raised $7.39 billion in the second quarter, more than
double the amount a year earlier.
The new fund is Charles River's first raised with the bulk
of its investing team based in California's Menlo Park rather
than Boston, where the firm was founded, partner Jon Auerbach
said in a blog post.
"The West Coast is where the center of gravity for
technology and investing, especially in consumer, mobile and
cloud computing, has clearly shifted," Auerbach wrote. "Over the
past 12 years, we've taken our rich East Coast history from our
office next door to MIT and gone West."
Many venture firms with roots on the U.S. East Coast,
including Greylock Partners and Battery Ventures, are placing
increasing emphasis on the West Coast.
Charles River specializes in early-stage investing.
(Reporting by Sarah McBride; Editing by Leslie Adler)