Foundry Group Looks to Raise New $225M Fund Following Fitbit IPO
The Foundry Group is raising another venture capital fund, according to SEC documents. The Boulder, CO-based VC firm is looking to raise $225 million. The fund, named Foundry Venture Capital 2016, is the firm’s fifth.
The new fund would bring the total amount of money managed by the Foundry Group to $1.125 billion. All of Foundry’s funds have been $225 million.
The Foundry Group invests in early stage companies, although in 2013 it raised its Select Fund to make later-stage investments in successful companies in its portfolio.
The new fund comes soon after the initial public offering of Fitbit (NYSE: FIT), which is one of the Foundry Group’s best investments. The firm was an early investor in the wearable device company, and according to SEC filings it owned 28.9 percent of Fitbit before the IPO, and the shares Foundry sold as part of the offering brought it $210.9 million. Foundry still owns about 26 percent of Fitbit, and those shares were worth more than $1.6 billion when the market closed Tuesday.
Other notable exits for Foundry include Zynga, which went public in 2011, Gnip, which Twitter acquired in 2014, and MakerBot, which Stratasys bought in 2013. Foundry has ongoing investments in companies including SendGrid, Sphero, and Yesware.
Brad Feld, Jason Mendelson, Seth Levine, and Ryan McIntyre are the Foundry Group’s managing directors.