Mohr Davidow Ventures has closed on $580 million, positioning it to do more large, late stage investments.
Spokesperson Pamela Mahoney declined to comment on the firm’s fund-raising effort, which was disclosed in a regulatory filing, and refused to say if the new fund had held a final close, or whether it was still open. The firm raised $400 million for its previous 2005 vintage fund.
The close of MDV’s ninth fund, which is called a “balanced stage” fund by Thomson Financial (publisher of PE Week), comes as growth and later stage investing has become increasingly popular among many VC firms. Five of the top 10 largest funds raised during the second quarter were focused on growth.
Mohr Davidow has had little in the way of big exits since the dot-com boom. It has taken two companies public since 2001, according to Thomson Financial data. Still, the companies it has exited are doing well in the aftermarket.
(Nasdaq: FORM) went public in an $84 million IPO in June 2003. The company, which makes microsprings used to interconnect electronic packages to printed circuit boards, went public at $14 per share. Last week, the stock was trading above $45 a share. FormFactor had raised about $65 million in VC funding from Mohr Davidow, Intel Capital and other investors.
Mohr Davidow’s most recent IPO, Shutterfly (Nasdaq: SFLY), went public last year in an $87 million IPO and went out at $15 per share. It was trading at double that last week. Shutterfly also raised about $65 million from investors, including Mohr Davidow, Granite Ventures and others.
Other recent exits include the sale of news site Personal Bee in April 2007; the sale of email software company Scalix in July 2007; and the sale of Savi Technology in May 2006. Each acquisition was for an undisclosed amount.
The firm only lists Horsely Bridge VIII as a limited partner. But LPs must be hopeful about the firm’s ability to invest in a variety of industries. This year, Mohr Davidow has invested in 31 startups in health care, information technology and cleantech, according to Thomson Financial.
In August, the firm invested in a $10.5 million Series B for medical diagnostics company Cellpoint Diagnostics; in a $10 million later stage financing for computer assisted design company VaST Systems Technology; a $7.5 million late stage financing for digital security company PacketMotion; and in a $9.3 million first financing for virtual world tool company Media Machines.
Mohr Davidow added one partner this year. Bryan Stolle, the founder and former CEO of Mohr Davidow-backed Agile Software.