SAN FRANCISCO (Reuters) - Airbnb backer General Catalyst said on Monday it has established a new $675 million venture-capital fund to invest in early-stage technology firms.
The firm, known for investments in fleeting photo-sharing service Snapchat, payments service Stripe, and accommodation service Airbnb, said in a blog post the new fund - its seventh - would grow its presence in Silicon Valley.
A fund of $675 million is considered large in the venture capital business. While the occasional fund crosses the $1 billion mark, most add up to well under $300 million.
General Catalyst’s last fund was a $500 million vehicle raised in 2011.
Reporting by Sarah McBride; Editing by Krista Hughes