(Photo by Flickr user Case Foundation, used under a Creative Commons license)
Downtown D.C.-based Revolution, the venture capital firm cofounded by Steve Case, announced on Tuesday that it has secured a new investment fund of $525 million. This is the firm’s third Revolution Growth fund, and its total exceeds the target initially set at $450 million.
— Revolution (@revolution) June 14, 2016
The fund will be led by Case, Ted Leonsis and Donn Davis and according to a press release it will “invest ‘speed-up’ capital in businesses outside of Silicon Valley that are leveraging technology and new models to disrupt existing, multi-billion dollar industries.”
Revolution Growth III will also be similar to its predecessor Revolution Growth II ($450 million launched in 2011) in that the fund plans to make just three or four investments per year, each around $25-50 million. According to a press release, this selective approach allows the fund to take an active role in helping the companies they back.
“Our approach is not about a lot of companies or a portfolio theory,” Davis said in a statement. “It is about taking a handful of companies and doing whatever we can to help make them iconic.”-30-
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