NEA is elevating its greatest fund ever – – over again
Contemporary Accomplishing Friends, the 41-300 and sixty five days-feeble conducting agency with areas of work in Menlo Park; San Francisco; Boston; Contemporary York; Chevy Poke, Md.; and Washington, D.C., is elevating its greatest fund ever, reveals a brand recent SEC submitting that reveals purpose of $three.6 billion.
The fund, its seventeenth, is excellent a microscopic of bigger than the $three.three billion fund the agency closed in 2017, which used to be its greatest fund at the time. Indeed, NEA has been identified for a complete lot of years for elevating amongst the greatest funds in the industry, despite the indisputable truth that these as soon as brow-elevating amounts hold change into pretty less great in a world where conducting companies mechanically shut on document-breaking swimming pools of capital.
It wasn’t always that methodology. NEA closed its very first fund with $sixteen million in 1978. It has since reach to control larger than $18 billion in resources altogether.
The submitting lists the agency’s 10 normal partners, at the side of Scott Sandell, who became the sole real managing normal partner of NEA in 2017. The other 9 embody Forest Baskett, Tony Florence, Mo Makhzoumi, Joshua Makower, David Mott, Pete Sonsini, and Paul Walker, along with Carmen Chang, who heads up the agency’s Asia practice and used to be promoted to GP closing 300 and sixty five days, and Ali Behbahani, a healthcare investor who used to be also promoted to GP closing 300 and sixty five days.
NEA, which has every a huge expertise and healthcare practice, also has an limitless community of partners, at the side of Jonathan Golden, a frail director of product at Airbnb who joined the agency closing summer time and who joined us for TC’s “Equity” podcast fair staunch the previous day.
Unlike some companies that hold had something of a smartly-known particular person system at assorted ideas of their agency’s historical previous – – contemplate Jim Breyer right thru an earlier expertise at Accel or the smartly-known particular individual that John Doerr of Kleiner Perkins prolonged loved — NEA has always operated in a less public-going thru methodology no topic its gargantuan reach into the startup industry. In step with Pitchbook, it has made larger than 2,100 investments over the closing 4 decades and has 431 active portfolio companies.
In February on my own, its portfolio company ThirdLove, the lingerie maker, announced $fifty five million in recent funding. NEA also joined the $ninety three million Sequence B spherical for Oyster Level Pharma, a three.5-300 and sixty five days-feeble, Princeton, N.J.-essentially based scientific-stage pharmaceutical company with an initial center of attention on increasing new therapies to take care of dry eyes. And it wrote a convention-on evaluate to Databricks, a 5.5-300 and sixty five days-feeble, San Francisco-essentially based company founded by the distinctive team dreary the Apache Spark sizable records analytics engine, which closed on $250 million in Sequence E funding.
NEA executed a spinout of a brand recent fund called NewView Capital closing 300 and sixty five days, closing it with $1.35 billion, at the side of from Goldman Sachs and the fund of funds agency Hamilton Lane.
As of early December, the agency — which is being led by frail NEA normal partner Ravi Viswanathan — held stakes in 31 of NEA’s behind-stage portfolio companies that aren’t ready to head public or exit but that NEA wished to acquire a technique to proceed supporting while also offering some liquidity to its customers. TC has extra on that effort here.