RRE Ventures, one of New York City’s largest venture firms, has raised nearly $58 million toward a $150 million RRE Leaders II, according to a filing with the SEC.
The regulatory filing says that 27 LPs have committed so far.
Since its founding in 1994, the firm has raised more than $1.5 billion across eight funds, including RRE Leaders I, an opportunities fund for making follow-on investments in its successful portfolio companies. RRE Ventures closed its $265 million seventh main fund in June 2018.
The firm’s strategy has been to put about 60 percent of its funding into Series A investments, 5 percent to 10 percent in seed deals, and the remainder into Series B and Series C rounds, General Partner Raju Rishi told TechCrunch last year. About half of all the the firm’s money is put into New York City-based companies, according to Rishi.
RRE Ventures focuses on tech and aims to build category leaders in such areas as financial services, media, and space and robotics. The firm’s recent notable exits include OnDeck, which went public in 2014, Business Insider acquired by Axel Springer in 2015, and Bitly sold to Spectrum Equity in 2017.
The firm previously reported that its LPs are a mix of corporate funds, endowments and individual investors based in the United States, Europe, Asia, and the Middle East.
RRE Ventures was co-founded by General Partners James Robinson III and Stuart Ellman.