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Mar. 6, 2012 9:30 am

Edison Ventures raises $249 million for Edison Venture Fund VII

Edison Ventures, the Central Jersey-based venture capital firm, closed out its Edison Venture Fund VII last week at $249 million. The fund has already invested $55 million in ten companies focused in four technology sectors, according to a press release. Some of the funding recipients include financial technology companies, Andera and Motionsoft, healthcare IT company […]

Edison Ventures, the Central Jersey-based venture capital firm, closed out its Edison Venture Fund VII last week at $249 million.

The fund has already invested $55 million in ten companies focused in four technology sectors, according to a press release. Some of the funding recipients include financial technology companies, Andera and Motionsoft, healthcare IT company PHX, interactive marketing and e-commerce companies, NetProspex, Lifebooker, Salsa and MediaBrix, as well as what Edison calls Enterprise 2.0 companies, Ontuitive, Call Copy and Kemp.

Edison, based in Lawrenceville, N.J., plans to apply the same funding strategy it has used with other funds, according to the press release.

From the press release:

“Edison makes initial investments of $5-$10 million in technology companies with a $5-$20 million revenue run rate. Edison invests up to $20 million for expansion, acquisitions and shareholder liquidity. Edison is normally the lead and first institutional investor in its portfolio companies.”

The Edison VII will likely invest in 25-30 companies over the course of three to four years, Edison Principal David Nevas told Technically Philly.

Limited Partners in the Edison VII include  Advantus, certain funds managed by BlackRock Private Equity Partners, New Mexico Employee Retirement Board, Neuberger Berman, Ohio Capital Fund, Orix, Permal Capital, Phoenix Life and Sentry Insurance, according to the press release. The fund also received an allocation of $2 million from the State of New Jersey, as MedCity News reported.

 

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Yael Borofsky was the lead reporter for Technically Philly from from December 2011 to June 2012 before leaving to pursue an urban studies graduate degree at the Massachusetts Institute of Technology. Previously she was an editor with the Breakthrough Journal in San Francisco. She loves hockey and coffee.

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