GRP Partners Raises $200 Million, Rebrands To Upfront Ventures
Based in Los Angeles, GRP Partners has raised $200 million for a new fund and has rebranded to Upfront Ventures. Upfront Ventures is going to relocate to a new office in Santa Monica next year also. The company said that the new name is part of a “brand refresh.”
“We’re the same partners with the same strategy. It’s just that we have evolved over time and we realized the market has changed,” stated Upfront partner Mark Suster. Suster added that the $200 million size was what the partners were targeting, but it took longer than expected to close. The new company previously raised $160 million for their last fund GRP IV, which was raised in 2011.
The new fund is going to make early stage investments in big data, digital media, and technology. The company will focus on Southern California companies in the Series A and Series B stage.
Upfront (as GRP Partners) previously invested in companies like Adly, ZestCash, and Health Data Vision. Over the last 17 years, GRP is known for investing in several retailers like Costco, Starbucks, and Office Depot. They also invested in BillMeLater, CyberSource, and Overture.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry