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The Ignition team, from left to right: Frank Artale, John Connors and Nick Sturiale
The Ignition team, from left to right: Frank Artale, John Connors and Nick Sturiale

Ignition Partners, the backer of companies such as Chef, Couchbase, Heroku and others, is raising a new annex fund to support companies in its fourth fund.

ignition-logo5555According to a SEC filing, Ignition raised $16.8 million for the new annex fund. Fundraising is not complete, and the filing indicates the firm could raise up to $60 million.

“Fund IV has a number of very promising companies that are seeing strong growth,” said Ignition CFO Ryan Baker. “We believe the annex fund provides a great investment opportunity to our investors as well as an opportunity to further support the Fund IV portfolio through periods of high growth.”

Ignition closed a $200 million fund six in May, with plans to bankroll between 15 to 20 new startups.

The firm has seen success with investments in Splunk, which went public in April 2012, and the acquisitions of companies such as Azaleos, Parse, Topsy and Tier3.

Ignition’s Fund IV was raised in 2007 with $400 million.

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