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O'Reilly AlphaTech closes third venture fund

November 19, 2012: 7:02 AM ET

Foursquare backer O'Reilly AlphaTech Ventures raises $85 million.

FORTUNE -- O'Reilly AlphaTech Ventures has closed its third fund with $85 million in capital commitments, Fortune has learned. The San Francisco-based firm had begun fundraising earlier this fall with a $75 million target, which was slightly above the $60 million it raised for Fund II in October 2010.

OATV is one of the original "micro-VC" firms, investing in seed-stage rounds that sit somewhere between angel investments and traditional Series A rounds. Typically it prefers to lead $1 million to $2 million seed rounds -- which are relatively large -- but also will go smaller if the opportunity is right.

Some of the firm's best-known investments are Bitly, ChartBeat, Codecademy and Foursquare, while exited portfolio companies include TripIt (acquired by Concur for $120m), Instructables (acquired by Autodesk) and Parakey (acquired by Facebook). OATV also is one of the few venture firms that doesn't scrub its website of failed deals -- such as Wesabe or Devver - and to briefly explain why its original investment theses didn't pan out.

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

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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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