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Canvas Ventures closes USD300m fund for software, services startups investments.

M2 EQUITYBITES-September 27, 2016-Canvas Ventures closes USD300m fund for software, services startups investments

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Canvas Ventures has closed Canvas Ventures 2, a new USD300 million fund to focus on software and early stage tech companies, the company said.

Canvas Ventures 2 was closed in June 2016. The firm listed USD250 million as its target fundraising amount on their PPM (private placement memorandum). The fund was oversubscribed, closing at its hard cap of USD300 million. The firm's previous fund was capitalized at USD175 million in August 2013.

The four investing Canvas Ventures partners for the new fund are: Rebecca Lynn, Gary Little, Paul Hsiao, and Ben Narasin.

Canvas said its initial investment into a company could range from USD250,000 to USD10 million. The company will focus on technology startups in the Silicon Valley with thesis areas of artificial intelligence, network marketplaces, fintech, digital health and new enterprise.

Canvas Ventures is an early-stage venture capital firm based in Silicon Valley. Canvas portfolio companies include: FutureAdvisor (acquired by BlackRock), CrowdFlower, Eden, Everwise, HealthLoop, Totango, Transfix, Viewics and Zola.

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Publication:M2 EquityBites (EQB)
Date:Sep 27, 2016
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