IVP unveils $1B fund; targets enterprise IT, mobile, media

Silicon Valley venture capital firm Institutional Venture Partners will invest millions in enterprise IT, mobile communications and digital media startups.

The Silicon Valley VC firm Institutional Venture Partners announced yesterday a $1 billion fund, the largest in the company's history.

That's a big deal for a company that's invested in ComScore, Dropbox, Juniper Networks, MySQL, Netflix, Polycom, Seagate and Twitter.

IVP focuses on later-stage investments and growth equity, and has invested in some 300 companies over the years. (Ninety have gone public.) The new fund raises its total capital outlay to $4 billion.

The firm plans to invest $10 to $100 million in 10 to 12 companies each year, with a goal to assist entrepreneurs in scaling their operations rapidly, refining business strategies and recruiting executives. It will invest in its usual three sectors: Enterprise IT, mobile & communications, and Internet & digital media.

The company has seen considerable success in the enterprise space, with stakes in Agile Software, ArcSight, Exabyte, Omniture, SuccessFactors and Sequent Computer Systems; it will be interesting to see where it looks next.