By Andrei Skvarsky.
Fort Ross Ventures, a Silicon Valley-based venture capital company, has announced an interim closure at $100m of a fund for the late-stage financing of startups.
The Late-Stage Fund, whose declared target volume is $200m, is focused on investing in technology-enabled companies having a potential for an initial public offering (IPO) or a strategic sellout within two to three years, according to a statement from Fort Ross.
Fort Ross says its strategic investment targets are firms that have raised at least $50m in equity capital, are valued at $500m or more, and specialise in fields such as financial, educational and food technology, cloud technologies, artificial intelligence, machine learning, and business process automation.
The venture capital firm has about 30 companies in its portfolio, including mobility-as-a-service provider Uber and fintechs eToro and Moven.
Fort Ross, which is headquartered in Menlo Park, California, has an office in Tel Aviv and is establishing a presence in Europe, has appointed one of its senior executives, Ratan Singh, to oversee the Late-Stage Fund, promoting him to the role of partner in the firm from the position of principal, the statement said.
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