Greycroft, a venture firm that made an early bet on investing beyond as well as in Silicon Valley, has raised about $1 billion to pursue new investments.
(Bloomberg) — Greycroft, a venture firm that made an early bet on investing beyond as well as in Silicon Valley, has raised about $1 billion to pursue new investments.
The firm said it has closed $980 million for two of its funds, Greycroft Partners VII and Greycroft Growth IV. Greycroft plans to continue making both early and growth-stage investments, across consumer and enterprise. The size of its investments will range from $1 million for pre-seed investments to more than $50 million for larger enterprises.
Greycroft, with offices in New York and Los Angeles, has now raised more than $3 billion during its 17-year history.
The firm’s past investments have included Los Angeles-based gaming business Scopely Inc., which is being acquired for $4.9 billion by Saudi Arabia-backed Savvy Games Group in a deal announced in April. Other well-known companies that Greycroft has invested in — and since exited — include Bumble Inc., Axios Media Inc., The RealReal Inc. and Segment, which sold to Twilio Inc.
Greycroft co-founder Dana Settle said in an interview that she thinks the firm has benefited from its Silicon Valley outsider approach, saying they “look through a different lens.” That’s helped Greycroft position itself to find investments missed by venture capital firms situated in the San Francisco Bay Area.
Other large venture firms with partners in New York and Los Angeles have been springing up.
“The state of the venture capital industry has certainly become more competitive,” Settle said.
She said she remains optimistic because the market opportunity is large. Despite current contractions, this is going to be “an incredible cycle” to invest in, she predicted.
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