FORTUNE -- Venture capital firm Matrix Partners has quietly raised $450 million for its tenth fund, Fortune has learned. That's the same size as Matrix's eighth fund (raised in 2006), but a bit smaller than the $600 million it raised for Fund IX in 2009.
"Matrix focuses on early-stage investments, so a fund size of $450 million probably makes more sense than one of $600 million," explains one of the firm's limited partners.
Matrix is one of the oldest venture capital industry's oldest firms, tracing its roots back to a 1977 predecessor formed by Paul Ferri and the late Warren Hellman. The pair would split five years later, with Ferri forming Boston-based Matrix to focus on early-stage deals -- he had already backed Apple (AAPL) -- while Hellman formed a later-stage firm in San Francisco that would become Hellman & Friedman.
Ferri is no longer involved in the firm's day-to-day, giving way to a younger group of partners that include three partners who weren't around during the last fundraise Antonio Rodriquez (ex-HP/Tabblo), Josh Hanna (ex-Betfair/Benchmark) and Jared Fleisler (ex-Slide/Google).
Notable Matrix investments have included Sycamore Networks, Cascade Communications, SanDisk, TheLadders, HubSpot, Gilt Groupe and Quora.
The firm currently has five global offices, including domestic ones in Boston and Palo Alto. A Matrix spokeswoman declined to comment.
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From entrepreneur to EIR to ... mayor?
FORTUNE -- Matt Lauzon last year stepped down as CEO of Gemvara, the Boston-based online retailer of customizable fine jewelry that he had co-founded back in 2006. Today he has resurfaced as an entrepreneur-in-residence with venture capital firm Matrix Partners.
I reached out to discuss the move with Lauzon, and an edited transcript of our conversation is below:
Fortune: You had talks about becoming an entrepreneur-in-residence MOREDan Primack - Apr 1, 2013 2:35 PM ET
Gilt Groupe investor switches shops.
FORTUNE -- Big move in the East Coast venture capital world, as Nick Beim has left Matrix Partners for Venrock.
Beim had spent the past 12 years with Matrix, where he led investments in such technology companies as Gilt Groupe, Care.com and TheLadders.com. Exited deals included OatSystems (acquired by Check Point Systems) and JBoss (acquired by RedHat).
Beim will serve as a New York-based managing director with Venrock, MOREDan Primack - Nov 28, 2012 10:17 AM ET
Why eBay just paid $240 million for a mobile payment start-up.
eBay (EBAY) today announced plans to significantly expand the reach of its PayPal unit, by agreeing to acquire a company that lets users make payments by simply entering their mobile phone number. The $240 million cash deal is for Zong, a Silicon Valley company that raised $27.5 million in venture capital after spinning out of Switzerland's EchoVox in early 2010.
One MOREDan Primack - Jul 7, 2011 11:52 AM ET
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