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Exclusive: True Ventures raising fourth fund

January 21, 2014: 10:46 AM ET

San Francisco VC firm is raising $225 million.


FORTUNE -- True Ventures is planning to close its fourth fund next month with around $225 million in capital commitments, Fortune has learned.

San Francisco-based True was founded in 2006 to make early-stage tech investments, and has backed such companies as About.me (acquired by AOL), Makerbot (acquired by Stratasys), Socialcast (acquired by VMware) and Typekit (acquired by Adobe). Current portfolio companies include  Auttomatic, Fitbit, Orchestrate and Urban Airship.

The only real change this time around is that general partner John Burke will transition to a venture partner role. Burke is based near Washington, D.C., while the vast majority of True's investments have been in the Bay Area. There had been some talk about True opening a New York City office -- perhaps to be staffed part-time by venture partners Tony Conrad and Om Malik -- but that idea appears to have been scrapped.

Burke and True co-founder Jon Callaghan declined to comment, citing SEC restrictions on fund marketing.

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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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