Battery Ventures closes two new funds totalling $1.25bn

Battery Ventures XII closed on $800m, while its companion fund Battery Ventures XII Side Fund closed on $450m.

The development comes two years after the GP closed its two predecessor funds on $650m and $300m.

The firm opened a London office in 2016 and has four additional offices in Boston, San Francisco and Israel.

Investors
The latest vehicle has received backing from a number of returning LPs, according to a statement issued by the GP. Unquote has obtained documents showing that University System of New Hampshire is among the institutional investors to make commitments to the vehicles.

LPs in the predecessor vehicles – Battery Ventures XI and Battery Ventures XI Side Fund – included San Francisco Employees' Retirement System, The University of Michigan and Teachers’ Retirement System of the State of Illinois.

Investments
Battery Ventures XII will make deals from seed- and early-stage rounds to majority buyouts in technology companies. Battery Ventures XII Side Fund will invest alongside the flagship vehicle to support larger growth capital and private equity deals.

The vehicles will target assets operating in sectors including business software; enterprise IT infrastructure; consumer internet and mobile; and industrial technology.

Battery made seven European investments in 2017, according to Unquote Data, most recently leading a $75m series-D funding round for Berlin-based travel booking platform GetYourGuide.

People
Battery Ventures – Michael Brown, Roger Lee (general partners).

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