SAN FRANCISCO (Reuters) – Battery Ventures, a tech-focused venture capital firm, on Wednesday said it had raised $2 billion in two new funds, a sign of investor interest in start-ups despite some high-profile stumbles including office space leasing company WeWork.
General Partner Michael Brown said a meltdown in the valuation of WeWork, backed by Japan’s SoftBank Group, did not impact fundraising, and that global growth concerns raised by the coronavirus likely would be short-lived. Low interest rates were pushing investors into venture capital, he added.
Brown said the two funds include $1.2 billion focused on early stage investments and $800 million that will be invested in more mature companies, often along with the main fund. Battery Ventures previously has invested heavily in software for businesses and sees some opportunity in technology for blue-collar workers.
“Seventy percent of the world’s population doesn’t sit behind a desk. So there’s a whole wave of…
Source Reuters Tech News
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