
True Ventures raises $840m in two final closes
True Ventures has closed its seventh early-stage fund True Core Fund VII on $465m and its fourth later-stage fund True Select Fund IV on $375m.
True Core VII provides seed and early-stage capital, investing in North American and European startups. Its core markets include technology-enabled consumer brands, business and infrastructure software, and deep verticals in health and life sciences.
True Select IV provides follow-on capital to its existing portfolio companies that exhibit high-growth potential.
True Ventures has invested in consumer platforms such as Peloton, Madison Reed, Splice and Yousician, as well as infrastructure automation company HashiCorp and material innovator Zymergen. Last month, True Ventures led an $87m round for Finnish microsatellite company ICEye.
"Our Select Funds renew our commitment to Core Fund companies that have demonstrated impressive growth and industry leadership," said True Ventures co-founder Phil Black in a statement. "This, for example, allowed us to invest in five separate financing rounds leading up to Peloton's IPO last year."
True Ventures also runs True Platform, a vehicle that supports portfolio teams by offering learning and development opportunities, fellowships and management support. "Our platform connects founders and aggregates resources so that even the smallest new team has access to hundreds of peers who have been in their position before," said Jon Callaghan, co-founder of True Ventures. "We've created a powerful place for founders to grow, thrive and collaborate. We're now magnifying our platform by putting even more resources – additional team members and dollars – into it."
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology startups. With more than $2.8bn in assets under management, True Ventures provides seed and series-A financing to companies based across North America and Europe.
The firm's investment team is composed of 12 partners who are supported by special advisers and operations staff.
Since its inception, True Ventures has raised 11 funds, supporting more than 300 companies in launching and scaling up their businesses.
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