Foundation Capital creates new $282 million fund; earmarks some for IT

Summary:It's the seventh fund for the venture capital firm, which has backed Envestnet, Financial Engines, Netflix, NetZero, Responsys and Silver Spring Networks.

Foundation Capital announced yesterday that it closed its seventh fund, at $282 million, intended for early-stage, high-growth companies in the consumer Internet, information technology and cleantech sectors.

The fund will be invested by firm partners Anamitra Banerji, William Elmore, Ashu Garg, Paul Holland, Charles Moldow, Ashmeet Sidana, Steve Vassallo and Warren Weiss.

The Silicon Valley venture capital firm is known for backing Atheros (mobile Internet), EnerNOC (energy demand response), Netflix (streaming movies) and Chegg (textbook rentals). In the business technology space specifically, its portfolio companies include Akiban (database virtualization), Cantaloupe Systems (wireless M2M), CliQr (cloud integration), CloudOn (mobile productivity), MobileIron (mobile device management), Responsys (ad tech), Quantivo (customer analytics), Venafi (encryption) and Zetta (cloud storage).

It plans to invest the money over a three-year period.

"Foundation is the first institutional investor for two-thirds of our companies," Holland said.

Topics: Start-Ups

About

Andrew Nusca is a former writer-editor for ZDNet and contributor to CNET. He is also the former editor of SmartPlanet, ZDNet's sister site about innovation. He writes about business, technology and design now but used to cover finance, fashion and culture. He was an intern at Money, Men's Vogue, Popular Mechanics and the New York Daily Ne... Full Bio

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