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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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 MOREDan Primack - Jul 31, 2012 12:29 PM ET
A venture capitalist reflects on the challenges of fundraising five years after O'Reilly AlphaTech Ventures opened for business.
By Bryce Roberts, contributor
Five years ago today, December 15th, we held the first close on OATV fund I. It was an amazing day, and from a fund perspective, it was the first day we were actually open for business- free to make investments, hire employees and pay ourselves a salary. It was an MOREDec 16, 2010 12:55 PM ET
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