We interrupt our Wall Street carnage coverage, to bring you something scoopy from Silicon Valley: True Ventures has closed its second fund with $195 million in capital commitments.
We reported on a $165 million first close back in July, saying that the fund would be capped just south of $200 million. Seems that’s a toxic number to the True team, which wants to stay small enough whereby its seed/early-stage investment strategy still makes sense. Its prior fund capped out at $155 million in 2006, plus a $9 million side vehicle.
“Fund II for us is a continuation of our core business,” says True Ventures partner Jon Callaghan. “We have a great core team and expect to change very little.”
That means more deals in sectors like software, mobile and digital media. The final new deal from its first fund was TextDigger, a provider of semantic search, optimization and optimization solutions. True also has made its first investment from Fund II, but has not yet disclosed it.
The Palo Alto-based firm is not making any personnel additions in conjunction with the fund closing, although tech blogger Om Malik recently joined as a part-time venture partner. Om’s company, GigaOm, is a True Ventures portfolio company.