Draper Fisher Jurvetson, a Silicon Valley venture capital firm that has backed companies such as SpaceX, Twilio and Yammer, announced this week that it raised its twelfth fund, consisting of $350 million from six core investors.
“With this new fund, we will be looking to make seed and early-stage investments in trailblazing, purpose-driven entrepreneurs with ideas that have the potential to reinvent entire industries,” DFJ partner Steve Jurvetson said in the company blog.
The fund was raised just over two months, according to DFJ partner Josh Stein in an interview with The Wall Street Journal. In fact, new investors in addition to those re-upping had to be accommodated by raising the hard cap on the fund to $350 million, he said, and other potential investors had to be turned away.
The fund was oversubscribed with $25 million more than DFJ’s eleventh fund. And it comes as global market uncertainty mounts, with concerns that a tech bubble may continue to deflate.
One of DFJ’s partners is Bill Bryant, who is based out of Seattle. He wrote in an e-mail to GeekWire that he will be looking to invest his portion of the $350 million fund in Seattle startups. Bryant is one of six investing partners, and he said he’ll actively build on the firm’s existing and historic portfolio in Seattle.
DFJ investments in Seattle include Chef, Redfin and Remitly. The firm also was a backer of game maker Z2 and communications software company Varolii, both of which sold in the past three years. Another portfolio company, life sciences company NanoString, is publicly-traded.
DFJ, which has been in existence since 1985, has raised $5 billion in venture capital over the years.
With its twelfth fund, DFJ will continue to invest in the future of technology, looking into “autonomous transportation, digital health, enterprise transformation, artificial intelligence, and the remaking of most industries over time by machine learning ,” according to Jurvetson.