Venture Capital: VC Firms Top Tier And Sapphire Close On Nearly $3B Of New Funds
Top Tier raised $1.2 billion. Sapphire got $1.7 billion. Both firms invest in other VC firms.
Palo Alto, CA-based venture firm Sapphire Ventures announced Thursday that it recently closed $1.7 billion across multiple funds, bringing its total assets under management to $5.7 billion. On the other hand, San Francisco-based VC, Top Tier Capital Partners, hauled in $1.2 billion from investors, with its total assets going up to $7.5 billion.
Sapphire said it has already started to deploy the funds it raised. It intends to focus on enterprise technology companies located in the U.S., Europe, and Israel. Sapphire would look for startups in the stages of Series B through IPO.
The firm reported a highly successful 2020, the pandemic notwithstanding. Portfolio companies, JFrog (NASDAQ: FROG) and Sumo Logic (NASDAQ: SUMO), held an IPO on the Nasdaq.
Six companies from Sapphire’s portfolio were acquired, including AllyO, Localytics, PortWorx, Retail Solutions, and Segment.
During the year, Sapphire invested $970 million in 48 companies and venture funds.
“Sapphire Ventures has ample capital to invest in startups throughout all stages of growth,” said Nino Marakovic, CEO and Partner at Sapphire Ventures. “We also bring the necessary experience essential for companies to navigate different economic cycles, and we have an exceptional services team dedicated to helping our companies scale.”
The firm also invests as a limited partner in other VCs. These include Union Square Ventures and Amplify Partners.
Top Tier Capital Partners
Top Tier is known for its savvy investments in top-drawer venture firms such as Andreessen Horowitz, Mayfield Fund and True Ventures.
It raised $1.2 billion in new commitments for its ninth family of funds, the firm announced in a tweet.
CEO David York told Bloomberg that Top Tier’s reputation assured access to the best venture firms. These were typically companies that had strong networks and could “see around corners.”
“Ninety percent of the success comes from roughly 10% of the managers,” he said.
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