Morgenthaler Technology Investment Company has closed the Canvas Venture Fund at USD175m, which is above its private placement memorandum target of USD150m.
Managing directors Gary Little, Rebecca Lynn and Gary Morgenthaler will continue their focus on early-stage companies (primarily Series A and B) in the software and services area.
The Canvas Venture Fund, which was formed at the end of August 2013, is the first in a series of early-stage tech funds expected to be raised by Morgenthaler Technology Investment Company.
The Canvas Venture Fund’s investment criteria include:
• Sector: software and services
• Stage: Series A & B
• Investment size: USD5m to USD15m per company
• Geography: US, with a concentration on Silicon Valley
• Vertical focus: Fintech, big data, health IT, enterprise
Little, Lynn and Morgenthaler have worked together and continue to be partners at Morgenthaler Ventures which raised its most recent fund, Fund 9, in 2008. Fund 9 is a USD400m early-stage venture capital fund that invests in both information technology and life sciences companies. They created a separate and independent management company, Morgenthaler Technology, to launch funds focused exclusively on information technology investments.
Over the course of their venture capital careers, the three managing directors have invested in companies such as Evernote, Lending Club, Siri, MuleSoft, NexTag, Nuance Communications, Illustra Technologies, NuoDB, Doximity, Check, Socrata and more.