Sept. 10 (Bloomberg) -- Greylock Partners, the venture capital firm behind LinkedIn Corp., Facebook Inc. and Workday Inc., raised $1 billion for its 14th fund to back startups focused on consumer and business-focused technology.
The Menlo Park, California-based firm raised the same amount of money as in its previous fund and received capital from the same group of investors, David Sze, a partner at Greylock, said in an interview. Four new partners are being included in the fund -- Jerry Chen, Josh Elman, Simon Rothman and Dan Portillo -- making the total 10.
Greylock, founded in 1965, has flourished in recent years even as the broader venture industry has struggled. Based on the performance of companies that have gone public from its 2001 and 2005 funds, the firm has more than doubled its money, Bloomberg Businessweek reported in July. Much of the firm’s recent success is tied to early investments in mobile, and now Greylock is betting on a surge in on-demand content and information.
“If you look back five years, we didn’t have tablets” and the iPhone was young, Sze said. In the next decade, “there will be an incredible leap forward in the idea of getting things how you want, where you want and when you want,” he said.
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