Charles River Ventures caps off new $393M fund

Charles River Ventures has disclosed that it is has raised $393 for its 16th fund. The disclosure was made on July 2nd, with the U.S. Securities and Exchange Commission. Named from the Boston river, Charles Rivers Ventures was started up in 1970, with offices in Cambridge, MA and Menlo Park, CA where it now seems to be focusing.

Commonly known as CRV, the firm tends to focus on Series A financing, but also occasionally becomes involved in seed and Series B deals. It therefore tends to invest a bit later than VCs that fund new companies at startup. The 16th fund was raised predominantly on the West Coast and six partners now work out of Menlo Park in the San Francisco Bay area of California.

Charles River Ventures Portfolio

CRV's portfolio includes a number of well-known names, including Chipcom, Speechworks, Twitter, Yammer and Zendesk. Among its recent investments are CloudGenix and Light. The former is aiming to provide software-defined networking to wide area networks. This will enable companies that operate multi-site networks to use just one piece of software to apply and configure applications that are running at multiple sites.

Light focuses on modern photographic science while another new start on the CRV portfolio, The FlatIron School, teaches coding such as the iOS and Ruby in an innovative and practical way. These are just two examples of how Charles River Ventures is investing in new technology. Cloud storage company Dropbox is another example of how CRV is well into the type of new technology that is currently attracting a great deal of venture capital worldwide. This investment might well deflect Dropbox from its IPO plans for a while.

The CRV Team

The team mentioned in the filing consists of Izhar Armony, Jon Auerbach, Saar Gur, Devdutt Yellurkar, and George Zachary. Rafael Corralez, Max Gazor Annie Kadavy and Bruce Sachs are other senior members of the CVR team. Additional members include Adam Amero (Chief Financial Officer,) Hillary Frank (head of Talent) and Holly Sheklton (Entrepreneur in Residence) along with five Partners Emeritus including co-founder Rick Burns.

Charles River ventures is a company with a mission to invest predominantly in technology and communications, although it has an open mind on this. It focuses mainly in growth capital and mezzanine from seed to mid venture stages. Its preference is Series A with Series B occasionally when appropriate to its root technology.