- Foundation Capital announced that it raised $350 million for a ninth fund called Foundation Capital Fund 9 (FC9)
Foundation Capital partners Ashu Garg, Charles Moldow, and Steve Vassallo recently announced that $350 million has been secured for the venture firm’s ninth fund called Foundation Capital Fund 9 (FC9). FC9 will be used to invest in early-stage companies. And FC9 will be led by Garg, Moldow, and Vassallo.
As Foundation Capital enters its 24th year of venture investing, the firm’s record includes $3 billion in committed capital — which was converted into more than $300 billion in market cap and 28 IPOs including Netflix. And some of the more recent successes include Sunrun, LendingClub, TubeMogul, and Chegg.
Through FC9, the venture firm will continue its singular focus on partnering with extraordinary early-stage entrepreneurs and it will make 10-12 new investments a year.
Foundation Capital had raised $750 million for its sixth fund in 2008 before the recession. And then it scaled back to $282 million in 2013 followed by $325 million for the eighth fund in 2015, according to TechCrunch.
Garg joined Foundation in 2008 after working at Microsoft for several years. Moldow got hired by Foundation in 2005 after spending several years working as an executive at TellMe Networks (acquired by Microsoft). And Vassallo joined Foundation in 2007 after working as a VP of product and engineering at a social network company called Ning.