Foundation Capital closes ninth fund on $350m

Foundation Capital has closed its ninth fund on $350m, as it looks to continue supporting early-stage companies.

FinTech Global previously reported the firm was seeking to raise $350m for the fund, last year.

Fund nine has a capital pool $25m larger than its predecessor which was closed on $325m in 2015.

The firm, which was founded in 1995, looks to make around 10 to 12 investments a year in companies spanning FinTech, enterprise, and consumer industries.

Foundation Capital has committed $3bn in capital and has made 28 IPOs, including Netflix.

Last month, the firm contributed to the $5.4m seed round of Alto, a platform helping individual investors access alternative assets.

Other FinTechs in its portfolio include cloud security company CloudKnox, insurance for small businesses Coverwallet, critical defects and security weaknesses identifier Coverity, and Basis, a cryptocurrency with an algorithmic central bank.

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