Crane Venture holds final close for maiden $90m fund

The total amount raised was $15m above the vehicle's $75m target, a spokesperson for Crane told Unquote, with the vehicle oversubscribed.

The venture investor was founded in 2010 by Scott Sage and Krishna Visvanathan, and has been investing on a deal-by-deal basis since. Andy Leaver joined the firm as partner in 2016, having previously been vice-president at HortonWorks, vice-president of EMEA sales at Successfactors, vice-president of EMEA sales and marketing at Ariba, and general manager and vice-president of EMEA at Workday.

The firm has also announced a strategic partnership with MassMutual Ventures, the venture capital arm of MassMutual Life Insurance Corporation and an LP in the new fund. The partnership is intended to give the fund and its portfolio companies access to MassMutual's networks as they target international expansion.

The spokesperson told Unquote that Crane did not use a placement agent for the fundraising process.

Investors
Crane I has raised commitments from LPs including the venture arm of MassMutual Life Insurance Corporation, British Patient Capital, entrepreneurs and venture capitalists from across Europe, the US and Asia.

Investments
The new vehicle will invest in early-stage enterprise software and data-focused startups. It will write initial equity cheques of $500,000-3m and have the ability to provide $7-9m across the lifetime of an investment.

Crane I initially focuses on pre-series-A rounds for European businesses, though the fund has already taken part in follow-on rounds for portfolio companies including a $11m series-B for Aire, a $6.5m series-A for Avora and a $50m round for Onfido.

People
Crane Venture Partners – Krishna Visvanathan, Scott Sage (co-founders, partners); Andy Leaver (partner).
MassMutual Ventures – Doug Russell (managing director).

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