500 Startups closes third fund at $85 mln: WSJ

Mountain View, California-based early-stage venture firm and accelerator 500 Startups has raised $85 million for its third fund, according to a Wall Street Journal report. Founder Dave McClure told the news outlet that the number of the fund’s LPs “is approaching 500” and includes Dentsu Inc, Yahoo Japan and Malaysian government-backed venture firm Malaysia Venture Capital Management Berhad. An earlier WSJ article reported that the fund’s original target was $100 million.