Spark Capital Raises $360M Fund
Score one for New England tech VCs. Boston-based venture firm Spark Capital said today it has raised a new $360 million fund to invest in Web and digital media startups. The news was first reported by the New York Times.
Spark Capital focuses on early-stage investments in technology, media, and entertainment companies. Its portfolio includes companies such as Twitter, Tumblr, and Boxee, and its investments range in size from a few hundred thousand dollars to tens of millions. The firm competes (at the low end of its startup financings) with so-called micro-VC and super angel investors, as well as some more traditional venture firms and angel groups—all of whom are trying to make small initial investments in promising young tech companies at an earlier stage. But most of them don’t have $360 million to work with—at least not yet.
Bijan Sabet, a general partner at Spark, is quoted in the Times piece as saying, “It’s definitely become much more active, but we’ve been making seed investments since we started and we’re going to keep doing that.”