Thursday, November 7, 2013

Silverton Partners Raises $75M For New, Early Stage Technology Fund

In a big boost to the local high tech industry, Austin-based early stage venture investor Silverton Partners announced this morning that it has formed a $75M, early stage follow on fund, Silverton Partners IV--which will specifically go to bolster the Austin startup ecosystem. According to Silverton Partners, the fund also includes a "entrepreneurs fund" backed by more than 40 of Austin's startup founders, CEOs, and executives. Silverton Partners said that SP IV will be allocated similarly to its SP II fund, with a heavy focus on startup in the enterprise software and consumer Internet area. Silverton Partners' last fund had some big exits, including Convio, BlackLocus, Hyper9, Javelin, and Crimson. Silverton said that SP III still has eighteen active companies. The new fund continues to be managed by Bill Wood, Kip McClanahan, and Morgan Flager.