NEA is raising its biggest fund ever – – again

New Enterprise Associates, the 41-year-old enterprise agency with places of work in Menlo Park; San Francisco; Boston; New York; Chevy Chase, Md.; and Washington, D.C., is elevating its greatest fund ever, reveals a brand new SEC submitting that reveals goal of $3.6 billion.

The fund, its seventeenth, is simply barely larger than the $3.Three billion fund the agency closed in 2017, which was its greatest fund on the time. Certainly, NEA has been recognized for a few years for elevating among the many greatest funds within the trade, although the vary during which NEA performs has grow to be considerably much less outstanding in a world the place many enterprise corporations are elevating record-breaking quantities each time they elevate a brand new fund.

It wasn’t at all times that means. NEA closed its very first fund with $16 million in 1978. It has since come to handle greater than $18 billion in belongings altogether.

The submitting lists the agency’s 10 basic companions, together with Scott Sandell, who grew to become the only managing basic associate of NEA in 2017. The opposite 9 embrace Forest Baskett; Tony Florence, Mo Makhzoumi, Joshua Makower, David Mott, Pete Sonsini and Paul Walker, together with Carmen Chang, who heads up the agency’s Asia apply and was promoted to GP final 12 months, and Ali Behbahani, a healthcare investor who was additionally promoted to GP final 12 months.

NEA, which has each a large expertise and healthcare apply, additionally has an unlimited community of companions, together with Jonathan Golden, a former director of product at Airbnb who joined the agency final summer time and who joined us for TC’s “Fairness” podcast simply yesterday.

In contrast to some corporations which have had one thing of a star system at numerous factors of their agency’s historical past – – suppose Jim Breyer throughout an earlier period at Accel or John Doerr of Kleiner Perkins —  NEA has at all times operated in a much less public-facing means regardless of its immense attain into the startup trade. In response to Pitchbook, it has made greater than 2,100 investments over the past 4 many years and has 431 lively portfolio corporations.

In February alone, its portfolio firm ThirdLove, the lingerie maker, introduced $55 million in contemporary funding. NEA additionally joined the $93 million Collection B spherical for Oyster Level Pharma, a 3.5-year-old, Princeton, N.J.-based clinical-stage pharmaceutical firm with an preliminary deal with creating novel therapies to deal with dry eyes. And it wrote a follow-on examine to Databricks, a 5.5-year-old, San Francisco-based firm based by the unique staff behind the Apache Spark large knowledge analytics engine, which closed on $250 million in Collection E funding.

NEA accomplished a spinout of a brand new fund known as NewView Capital final 12 months, closing it with $1.35 billion, together with from Goldman Sachs and the fund of funds agency Hamilton Lane.

As of early December, the agency — which is being led by former NEA basic associate Ravi Viswanathan — held stakes in 31 of NEA’s late-stage portfolio corporations that aren’t able to go public or exit however that NEA wished to discover a solution to proceed supporting whereas additionally offering some liquidity to its traders. TC has extra on that effort right here.

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