Bessemer Venture Partners Manages To Close $3.3 Billion In New Funds
Bessemer Venture Partners Manages To Close $3.3 Billion In New Funds. Bessemer Venture Partners announced the close of two new funds totalling $3.3 billion; this is the money that it will be using to back early-stage start-ups as well as growth rounds for more mature companies. The company closed the investments with BVP XI with $2.475 billion and BVP Century II with $825 million in total commitments.
“As venture capitalists, we pay too much attention to pattern recognition and matching when in reality; the biggest opportunities exist where those patterns break. Our job is to make perceptive bets on the future, especially those that others will dismiss and ridicule. We are fundamental optimists and strong believers in the power of innovation; our life’s work is putting our reputation, time, and money to help entrepreneurs realize a different future. They’re the ones pioneering something entirely new and obscure – a technology, a business model, a category.” the firm wrote in a blog post.
Bessemer also revealed that it has brought on five new partners such as Jeff Blackburn, Mary D’Onofrio, Mike Droesch, Tess Hatch and Andrew Hedin. “Having been part of Amazon for more than two decades, I’m excited to begin a new chapter helping customer-focused founders build breakthrough companies. I’ve known the Bessemer team for many years and have long admired their strategic vision and success backing early-stage ventures.” said Blackburn in a statement.
“At Bessemer, there’s no corner office or consensus; every partner has the choice, independently, to pen a cheque. This kind of accountability and autonomy means a founder is teaming up with a partner and board director who thoroughly understands your business and can respond quickly and decisively,” the firm’s blog post states.
According to Tech Crunch, BVP XI marks Bessemer’s largest fund in its 110-year history. Its last fund was closed in October 2018, when the firm brought in $1.85 billion for its tenth flagship VC fund. This latest fund is Bessemer’s fifth consecutive to exceed $1 billion, based on PitchBook data.
Bessemer Venture Partners (Bessemer) is an American venture capital firm. The firm has over $5 billion under management and invests globally, with offices in San Francisco, Redwood City, New York City, Boston, Israel, and India.
