Mohr Davidow Ventures has closed on $580 million, positioning it to do more large, late stage investments.
A spokesperson declined to comment on the firm’s fund-raising effort, which was disclosed in a regulatory filing, and wouldn’t say if the new fund had held a final close. The firm raised $400 million for its previous 2005 vintage fund.
The close of MDV’s ninth fund, which is called a “balanced stage” fund by Thomson Financial (publisher of VCJ), comes as growth and later stage investing has become increasingly popular among many VC firms. Five of 10 largest funds raised during the second quarter were focused on growth.
Since the dot-com bust, Mohr Davidow has had just a few liquidity events, having taken two companies public since 2001, according to Thomson Financial data. FormFactor (Nasdaq: FORM) went public in an $84 million IPO in June 2003. The company, which makes microsprings used to interconnect electronic packages to printed circuit boards, raised about $65 million in VC funding from MDV, Intel Capital and others.
Last year, MDV portfolio company Shutterfly (Nasdaq: SFLY) completed an $87 million IPO. It had previously raised about $65 million from Mohr Davidow, Granite Ventures and others.
Other recent exits include the sale of news site Personal Bee in April 2007, the sale of email software company Scalix in July 2007, and the sale of Savi Technology in May 2006. Each acquisition was for an undisclosed amount.
Mohr Davidow added one partner this year: Bryan Stolle, the founder and former CEO of MDV-backed Agile Software. —Alexander Haislip