Term Sheet

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Exclusive: OATV preps fall fundraising drive

July 31, 2012: 12:29 PM ET

Foursquare backer prepares to hit the road.

FORTUNE -- O'Reilly AlphaTech Ventures plans to begin marketing its third fund this fall with a $75 million target, Fortune has learned. This is a slight bump over the $60 million it raised for Fund II in October 2010.

OATV is one of the original "micro-VC" firms, looking to invest somewhere between individual angels and more traditional venture capitalists. Kind of like Floodgate, which just raised its own $75 million fund.

The San Francisco-based firm typically likes to lead deals, and holds around 3x its original investment in dry powder for follow-ons. Notable portfolio companies include Bitly, Codecademy and Foursquare. Exited deals include TripIt (acquired by Concur for $120m), Instructables (acquired by Autodesk) and Parakey (acquired by Facebook).

It is managed by Bryce Roberts and Marc Jacobsen, with Tim O'Reilly/O'Reilly Media also serving as a general partner.

Roberts declined to comment on the fundraising process.

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Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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