New York-based venture capital firm RRE Ventures has reportedly closed its seventh vehicle on $265m.
The fund will follow the same investment strategy of its predecessor, which closed on $280m in 2014. RRE looks to invest across a broad range of industries including financial services, space and robotics, media and 3D printing, among others.
This new vehicle will look to deploy around 60 per cent of the capital into Series A rounds, five to ten into seed-stage companies and the remainder split between Series B and C, according to a report by TechCrunch, which cites firm general partner Raju Rishi.
It will also primarily support companies in the East Coast of the US, predominantly New York, with around 50 per cent of the capital being invested along the coastline.
RRE has made a string of deals in the FinTech space this year, having closed deals for four companies. Earlier in the month, the firm supported the $65m Series B round of Paxos, a blockchain-powered trust that aims to lower settlement risk in the financial industry.
Other transactions this year include a contribution from digital life insurance platform Ladder, which raised $40m and real estate brokerage technology platform SquareFoot, which netted $7m.
There have been number of FinTech funds to close over the past week. Fifth Wall Ventures just passed the $100m mark for its second venture vehicle, which comes just a year after the close of its debut fund.
Redpoint Ventures held the $400m final close for its seventh early-stage fund, while Matrix Partners, pulled in $1.2bn across two funds and Sequoia Capital launched six new fundraises.
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