The Foundry Group closes seventh fund on $750m

Early stage venture capital firm The Foundry Group has closed its seventh fund on $750m.

Foundry Group Next 2018 has combined all of the firm’s previous fund strategies into a single fund, Foundry Group partner Brad Feld confirmed in a blog post on the firm’s site.

The Colorado-based VC had pulled in $225m for each of its four early stage funds and its first growth fund, before going on to more than doubled the fund-size with its $500m growth vehicle, Foundry Group Next.

Foundry Group Next 2018 combines the firm’s 2016 early stage fund and its Foundry Group Next 2016 fund.

Feld added, “We very much look forward to continuing to work with everyone we currently work with, as well as another group of great entrepreneurs and VC fund managers in our Foundry Group Next 2018 Fund.

“We are also happy to welcome a small number of new Limited Partners to our family. We are pleased to partner with such a great group of investors.”

Foundry Group focuses on early-stage technology investments including the IT, internet and software sectors and makes seed and Series A stage contributions.

The firm backs both early stage and growth investments, as well as investments as an LP in third-party funds.

The firm has made a number of investments into the FinTech space over the years, with is recently taking part in the $16m Series A round of gift card provider Nift. The company provides 2,000 merchants with access to physical and digital cards for loyal customers to access deals.

Some of the other FinTechs in its platform include banks transfer platform Dwolla, and cloud-based financial services support platform Cloudability.

Last month, Foundry Capital participated in the funding for High Alpha’s new venture fund, which closed on $85m.

Copyright © 2018 FinTech Global

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