The VC Firm Behind LivingSocial, Grotech Ventures, Raises $225M For Eighth Fund
The Virginia based venture capital firm behind deal and experience giant LivingSocial, Grotech Ventures, announced it has raised its eighth fund, “Grotech Ventures II” or GV II and currently have $225 million in committed capital.
The firm has said that the fund was oversubscribed by more than 10 percent, and was raised from both existing and new limited partners. GV II brings Grotech’s total capital under management to $1.3 billion across all funds.
Grotech tends to make early investments in high-potential technology companies. They…
Insight Ventures Continues To Raise Billions
Venture capitalist firm Insight Ventures raised $1.49 billion, according to a filing made Friday with the U.S. Securities and Exchange Commission. This comes after raising $2 billion in new investments in 2011, including successful start-ups such as Twitter, blogging site Tumblr, and daily deal site Living Social.
Two other filings were made Friday, one for $354 million and another for $417.5 million that has since been sold. Both of these are part of the original $1.49 billion raised. Insight Ventures plans to raise $900…
In a $586 Million Deal, The Alibaba Group Leaps Into Social Networking Investment
Private Chinese e-commerce firm Alibaba Group has acquired an 18 percent stake in online media company Sina Corp‘s microblogging site Weibo, in, according to some reports, their first big move into selling advertising on China’s highly competitive social networks.
Valued at $586 million the deal will give Sina an opportunity to not only gain more advertising revenue, but also monetize the service and increase its lead…
Former Groupon President Joins Venture Firm, Accel Partners
Global venture and growth equity firm, Accel Partners, has former Groupon president and CEO, Rob Solomon to their team as a venture partner. The high-profile Silicon Valley firm said Solomon will focus on early stage and growth equity opportunities and focus on “operational issues like product management, scaling infrastructure, business operations, and mergers and acquisitions.”
Andrew Braccia, an Accel parneter, explained in a statement, “[Solomon] has been at the helm of some of the most high profile consumer internet brands and has demonstrated…
Facebook Board Loses An Original Backer, Jim Breyer
Facebook is losing one of its original board members, but don’t worry, there will be no un-friending involved. Venture Capitalist Jim Breyer, one of the first backers for the company has decided to leave Facebook’s board of directors to focus on other responsibilities. Facebook released this statement on Friday:
“Jim made many, many important contributions during his long tenure on the board and we were well-served by his presence. We will continue to have a strong relationship with Jim and going forward, we’re thankful…
How Tel Aviv Became The Start Up Capitol Of The World
Israel has over 4,800 startup companies making its nickname “startup nation” all the more accurate. Many American companies are catching on and making the move to Tel Aviv, even Microsoft and Google are in on the action.
The region has over 24 accelerator programs, Venture Capital groups picking up Israeli startups (700 of the 4,800 are VC backed) and even some, like Sequoia and Benchmark, building full offices in the area.
There are several reasons Israel trumps the competition in…
LivingSocial Influences D.C.’s High First Quarter
LivingSocial has largely contributed as to why collective Washington area companies collected their highest level of venture capital in a year and a half during the first quarter of the year. Due to the daily deal site receiving a $110 million investment the District of Columbia brought in $286.3 million during first quarter after poor end to 2012.
Companies across Maryland, Virginia, West Virginia and the District collected $286.3 million in 30 deals. That’s a 30.3 percent increase over the $219.7 million raised across 45…
LightBank Backs SunnyBump – A Product And Information Site For New And Expecting Parents
Lightbank, the venture capital fund behind daily deal site Groupon, has decided to back a new social community designed to help expecting parents discover the world of baby related products – SunnyBump. The site aims to connect new and experienced parents, baby experts and leading manufacturers in one place. In addition it will offer the newest baby gear available.
“As a new dad, I discovered firsthand how overwhelming shopping for baby products can be,” said Lou Goldhaber, Co-Founder, SunnyBump said in a press release. “I was inspired…
LightBank Led Seed Funding Round For Start-Up SoundSupply
The young investment firm Lightbank, which was founded by daily deal giant Groupon, has led a seed funding round (PDF) for Chicago-based start-up SoundSupply, a digital music discovery and marketplace company. The start-up offers bundles of 10 curated albums (or drops as their website calls them) for $15 for a time limit of 10 days.
This is LightBank’s first venture into the music scene. Terms of the deal were not released.
Founded in 2012, SoundSupply is currently on their seventh drop…
Data-Driven Comparison Startup, FindTheBest, Has Raised $11 Million In Series B Funding
FindTheBest has raised $11 million in Series B financing led by New World Ventures, Montgomery & Co. and existing investors, Kleiner Perkins Caufield & Byers. The data-driven comparison startup received additional funding from its own founder Kevin O’Connor who also started DoubleClick. This brings the company’s total amount of funding to $17 million.
The company’s main goal is to assist people in comparing a variety of products and services so users can figure out which is the best fit for them. What sets FindTheBest apart is its data…
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