Matrix Partners Holds Steady with $450M Fund, as Other VCs Go Big

[Updated 6/22/18, 10:06 am. See below.] Matrix Partners has raised $450 million for its 11th U.S. venture capital fund, according to a document filed with securities regulators.

That’s the same size as Matrix’s last flagship fund, which it closed in 2013. That’s somewhat unusual in the current venture fundraising environment. Many venture firms have been raising larger funds lately, and some of the well-established ones have been raising $1 billion-plus. (See General Catalyst Partners, Norwest Venture Partners, and New Enterprise Associates; Battery Ventures, meanwhile, raised more than $1 billion across two funds earlier this year.) Those are huge war chests, but everyone is dwarfed by the approximately $100 billion SoftBank Vision Fund.

Matrix also appears to have raised $750 million for a new China-focused fund, its fifth fund geared toward investments in that country, according to a document filed with the SEC this week. [This paragraph added.—Eds.]

Matrix officials haven’t responded to requests for comment.

Matrix has been around for more than 40 years, and it has offices in Cambridge, MA, the San Francisco Bay Area, India, and China, according to its main website. Matrix says it has invested more than $4 billion in startups, yielding more than 110 profitable acquisitions and more than 65 IPOs. It invests in companies at the seed, Series A, and Series B stages that are developing business software, consumer technology, and IT infrastructure products.

Matrix’s exits include Apple (NASDAQ: AAPL), Carbon Black (NASDAQ: CBLK), The Echo Nest (acquired by Spotify), and Netezza (acquired by IBM). Its current portfolio companies include MarkForged, Salsify, and Zaius.

Jeff Engel is a senior editor at Xconomy. Email: jengel@xconomy.com Follow @JeffEngelXcon

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