August Capital said today it has closed on $450 million for its latest venture capital fund, called August VII.
The new raise represents a downsizing of sorts for the 20-year-old Sand Hill Road firm. In 2012 August Capital raised $550 million for its sixth fund, August VI, and prior to that in 2009 raised $650 million for its fifth fund, August V.
In a blog post today, August Capital parter David Hornik explained that the smaller size was an intentional choice for the firm, bucking the larger industry trends of seemingly constant expansion to instead focus on quality over quantity. He wrote:
The new raise represents a downsizing of sorts for the 20-year-old Sand Hill Road firm. In 2012 August Capital raised $550 million for its sixth fund, August VI, and prior to that in 2009 raised $650 million for its fifth fund, August V.
In a blog post today, August Capital parter David Hornik explained that the smaller size was an intentional choice for the firm, bucking the larger industry trends of seemingly constant expansion to instead focus on quality over quantity. He wrote:
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