After eight months of fund-raising, Draper Fisher Jurvetson has raised just 40% of its target for a new growth fund.
DFJ pulled in just over $100 million from 28 investors for the proposed $250 million fund, called Growth 2006, according to a regulatory filing. Separately, the firm raised $18 million for a sidecar fund called Draper Fisher Jurvetson Partners Growth Fund 2006. Firm co-founder Tim Draper declined to discuss the funds.
The growth effort is led by DFJ co-founder John Fisher, onetime AOL CEO Barry Schuler and venture capitalist Mark Bailey. The new fund has made at least one investment to date: It participated in a $51 million round for Visto, a mobile email technology startup based in Redwood City, Calif. Schuler joined the board. Other investors in the round, announced last week, include Draper Fisher Jurvetson’s core fund, DFJ ePlanet Ventures (an affiliate of DFJ), Meritech Capital Partners, Rustic Canyon Ventures, GKM and Blueprint Ventures.
DFJ is not the only noted early stage investor to trot out a growth-stage investment vehicle. Sequoia Capital closed on $861 million in May for its U.S. growth fund and, separately, it closed on $400 million in September for its India Growth Fund. Sequoia is also working on a similar late stage vehicle for China, sources say, but no details have been released.
Meanwhile, New Enterprise Associates joined the fray in the summer, saying it would carve out an unspecified amount of its $2.5 billion 12th fund for late stage expansion deals. —Alexander Haislip