Sierra Ventures to target disruptive companies with $215m Fund XII close

Early-stage-focused Sierra Ventures has raised $215m for the final close of its oversubscribed Fund XII.

Sierra was initially targeting $175m for its 12th fund, according to a filing it lodged with the US Securities & Exchange Commission in March.

Fund XII will invest in disruptive, early-stage, next generation enterprise and emerging technology companies, the firm said, focusing on seed and Series A stage rounds as well as select Series B investments.

The firm said in its 2018 review that it continues to find exciting new opportunities in core sectors such as enterprise applications and analytics, and emerging areas like healthcare IT and blockchain.

Sierra closed the fund’s predecessor, Sierra Fund XI, on its $170m hard cap in 2016.

“We are very appreciative of the continued support we have received in Sierra XII from our existing investors, as well as excited to add some leading Limited Partners in this fund.

“We are proud to have some of the best endowments, pension funds and corporations from across the world on our roster,” said Sierra Ventures Managing Director Mark Fernandes.

Sierra is based in the San Francisco Bay Area and has more than $2bn of assets under management.

The firm’s Fund X has made nine notable exits so far including the sales of portfolio companies Treasure Data and RedLock.

Alongside the fund close, the firm is celebrating the 15th anniversary of its Sierra Ventures CXO Advisory Board, which is comprised of 1000 IT executives from companies in the financial services, healthcare, retail, and technology sectors.


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