| SAN FRANCISCO, Sept 10
SAN FRANCISCO, Sept 10 Greylock Partners, the
venture-capital firm behind companies like LinkedIn,
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
and Workday. In 2010, it moved its headquarters
to Silicon Valley.
But its partners indicate they do not take for granted their
"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