Felicis joins the VC 'overage' trainOctober 21, 2013: 2:46 PM ET
Silicon Valley firm adds some firepower to support its fastest-growing companies.
FORTUNE -- Felicis Ventures has become the latest early-stage VC firm to raise a new fund dedicated exclusively to follow-on rounds for existing portfolio companies.
It's a $7 million vehicle called Clover Fund LP, and will complement the $40 million Felicis Ventures II fund (the Palo Alto firm has since raised a $70 million third fund). Some of the new capital will be used to maintain pro rata ownership in growth rounds for existing portfolio companies, while some will be used to increase its ownership.
"We are extremely fortunate to have made great bets and are excited to keep supporting our portfolio through their path to further growth and success," says Felicis founder Aydin Senkut.
Fortune recently reported that Foundry Group was raising a similar 'overage' fund.