The idea of investing in Greece might draw snickers from some venture capitalists. Not Tim Draper.
DFJ-Faros, the newest affiliate of Draper Fisher Juervetson, is targeting to raise between $50 million and $100 million, Draper told PE Week.
Draper says that there’s no time line when the Athens-based firm will close the fund.
“We’re just getting started, but we have a great team of people there already, and the group that is investing in Greece will also be investing in Bulgaria and other Eastern European areas,” Draper says.
Separately, Draper also confirmed that DFJ-Dragon – a China-based affiliate fund – is expected to close by the end of the month.
International affiliates are nothing new for DFJ, which says that it operates offices in 30 countries. Last year, the firm hit it big thanks to two foreign investments – Skype and Baidu. DFJ was one of the original outside investors in Chinese search company Baidu, which saw its stock rise about 350% percent, from $27 to $122.54, on the first day of trading after its IPO in August. The firm has about a 28% share in Baidu, which is worth about $1 billion, depending on stock market gyrations.
The firm also owns more than 10% of Luxembourg-based Internet telephony company Skype, which eBay agreed to buy in a deal worth about $2.4 billion.