SaaS-focused Storm Ventures registers sequel to $180m Fund V

Storm Ventures has registered its intention to raise its sixth flagship venture capital vehicle.

No target has been announced so far, however the firm pulled in $180m for fund’s predecessor back in 2015.

The firm is yet to register any capital commitments for the latest fund according to a filing with the US Securities and Exchange Commission.

Storm had previously seen its fund sizes dwindling since raising $312m for Fund II in 2000, having gone on to collect $220m for Fund III in 2005 and at least $96m for Fund IV in 2011, but saw a resurgence in capital through the Fund V raise.

This latest fund is expected to follow the same strategy as its last flagship offering, investing in early-stage businesses in the software-as-a-service sector.

Storm’s previous investments have included blockchain-based identity management system ShoCard and cloud security and compliance risk platform RedLock.

The third fund was backed by institutional investors such as Alfred I duPont Trust, Flag Capital, General Motors Asset Management, Goldman Sachs, Vencap and Spur Capital.

Earlier this year Storm Ventures appointed Paul Willard and Arun Penmetsa as its latest partners.

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.