Venrock Raises $350 Million Diversified Venture Fund
Continues 40 Years of Partnering with Entrepreneurs to Build Companies that Shape the Future
PALO ALTO, Calif., Jul 06, 2010 (BUSINESS WIRE) -- Venrock, a premiere venture capital firm originally established as the venture arm of the Rockefeller family, today announced the closing of Venrock VI, a $350 million diversified venture capital fund focusing on investments in early stage technology, healthcare and energy companies. Consistently investing at the leading edge of technological innovation across investment sectors and through varying economic cycles, Venrock has delivered outstanding returns since its inception in 1969. In 2010, the firm continues to build on that legacy with multiple liquidity events, including the $325 million acquisition of PGP Corporation by Symantec, as well as three IPOs -- Alimera Sciences, AVEO Pharmaceuticals and Ironwood Pharmaceuticals. With the close of Venrock VI, the firm holds approximately $2.2 billion under management.
"The quality of Venrock's team is illustrated by their continued ability to work with great companies and produce returns in this difficult venture capital environment. It is a testament to the firm's efforts and success that the fund was oversubscribed, particularly when so many others are struggling to raise capital," said Geoff Love, Head of Venture Capital Investments at The Wellcome Trust. "The firm is stronger than ever, and we are pleased to be able to partner with Venrock again, embarking on our second decade alongside them."
Venrock has always invested across the breadth of innovative technology sectors. The firm was an early leader in healthcare venture capital, as initial investors in biotechnology pioneers Genetics Institute, Centocor, Idec Pharmaceuticals and Gilead Sciences; made early technology investments in market leading companies such as Intel, Apple Computer, 3Com, Check Point Software, DoubleClick and StrataCom; and its early energy portfolio includes investments in companies such as American Superconductor and California Energy. In addition to the firm's strong performance over the past several decades, Venrock has realized numerous significant exits more recently, including Adify, Adnexus, athenahealth, Ciclon, DATAllegro, Sirna and Vontu. Venrock continues to help build some of tomorrow's most promising new companies, such as Ironwood Pharmaceuticals, Castlight Health, INRIX, Endeca, Media6Degrees, Imperva and Sapphire Energy.
"We have a focused team of proven investors who remain passionately committed to helping great entrepreneurs create big successes. Additionally, Venrock partners' deep expertise in multiple sectors and collaborative investing approach enable us, nearly uniquely, to support companies that bridge these sectors, such as healthcare IT, biofuels, and energy systems and software," said Bryan Roberts, Partner at Venrock. "With this fund, Venrock builds on over four decades of working with entrepreneurs. We are proud and grateful to have raised Venrock VI at the size and terms that we sought and we appreciate the continued support of our limited partners."
Venrock is a premier venture capital firm with offices in Palo Alto, CA; New York, NY; and Cambridge, MA. Originally established as the venture capital arm of the Rockefeller family, Venrock continues an eight-decade tradition of partnering with entrepreneurs to establish successful, enduring companies. Having invested $2.5 billion in 442 companies resulting in 124 IPOs and 128 M&As over the past 40 years, Venrock's investment returns place it among the top tier venture capital firms that have achieved consistently superior performance. With a primary focus on technology, healthcare, and energy, portfolio companies have included Adify, Adnexus Therapeutics, Apple Computer, Athenahealth, Centocor, Check Point Software, DoubleClick, Gilead Sciences, Idec Pharmaceuticals, Illumina, Intel, Millennium Pharmaceuticals, Sirna Therapeutics, StrataCom, and Vontu. For more information, please visit Venrock's website at www.venrock.com.