SAN FRANCISCO – Hummer Winblad Venture Partners launched its fourth fund in early June, seeking $300 million – three times more capital than the firm’s last fund.
Hummer Winblad Venture Partners III (VCJ, September 1997, page 30) is almost fully invested.
The firm, whose partners include John Hummer and Mark Gorenberg, will add to its ranks to manage the new pool of capital, said Partner Ann Winblad.
Bill Gurley, who joined the firm as a general partner in 1997, left earlier this year for Benchmark Capital (VCJ, May, page 30). Ms. Winblad would not provide more details about the group’s hiring plans, other than to say candidates already had been selected and the firm had recently added its first chief financial officer.
Hummer Winblad Venture Partners IV will stick to the firm’s strategy of backing software and Internet companies.
Ms. Winblad expected the fund would be raised entirely from existing limited partners.