NEA will invest the fund in the technology and healthcare sectors.

New Enterprise Associates Inc (NEA) closed on $3.6 billion in its largest fund so far. As in the past, the fund will invest most of the money in early-stage companies at various levels of growth. The 42-year old VC firm said the funding had brought its committed capital to nearly $24 billion. (TechCrunch).

“As technology transforms every industry globally and life sciences innovation continues to accelerate, NEA is in a great position to continue doing what we do best — work alongside entrepreneurs to build great companies that will shape the future of how we live, work and play,” said Scott Sandell, managing general partner, NEA, in a statement.

The fund was the second raised by NEA with Sandell in charge as sole managing general partner. His portfolio credits include Salesforce.com (NYSE: CRM), Tableau Software (NYSE: DATA), WebEx and Workday.

Liza Landsman promoted

In the statement announcing the fund, NEA said it had elevated Liza Landsman to General Partner. Landsman had joined the firm’s New York office as a Venture Partner in 2018. Her bio on the NEA website lists her focus as technology, software and services, and consumer and Internet. She is currently involved with NEA portfolio companies Burrow, Mejuri, Goop, Luminary, Hello Alfred, Flow.io and THE WELL.

Prior to joining NEA, she was President of Jet.com where she was a founding member of the executive team After Jet’s acquisition, she went on to establish Walmart’s US eCommerce leadership team. She also held positions such as CMO and member of the executive committee at E*TRADE (NASDAQ: ETFC); global head of digital for BlackRock (NYSE: BLK); and various leadership roles at Citigroup (NYSE: C) and IBM (NYSE: IBM) earlier in her career.

Tony Florence, General Partner and Head of Technology Investing at NEA, hailed Landsman’s operating experience, especially with fast-moving consumer companies. He said she would play a really important role in shaping the NEA of the future.

Landsman’s appointment is yet another in the firm’s tradition to promote from within. In fact, all of its general partners were promoted to their current positions and each had an average tenure of more than 12 years.

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