Silverton Partners raises $248m for Texas start-ups

• The fund will back Texas-based early-stage startups
• Founded in 2006, Silverton Partners manages more than $950 million
• Firm is led by Kip McClanahan, Mike Dodd, Roger Chen and Morgan Flager

Austin-based venture capital firm Silverton Partners has closed its seventh fund at $248 million, beating its $220 million target.

Fund VII will back Texas-based early-stage startups.

“We’re excited to put Fund VII’s capital to work in supporting the growth of companies in Texas and beyond,” managing partner Morgan Flager said in a statement. “Though the current economic conditions are complex, there’s never been a better time to invest. History has shown that the best companies are often created in difficult times and we remain committed to serving extraordinary entrepreneurs.”

Fund VII’s limited partners include university endowments and foundations.

Founded in 2006, Silverton Partners has more than $950 million under management and has realized more than 30 acquisitions and four IPOs, including Sailpoint, Ping Identity and Vacasa.

The firm is led by Flager, Kip McClanahan, Mike Dodd and Roger Chen.

In addition to raising a new fund, Silverton promoted Matthew Saitta to principal and Alyssa Dadoly to chief financial officer and operating partner. It also .hired Aneesh Desai as an associate on its investment team.