附近上门

Austin-based announced this morning that it has closed on $144 million in capital across two funds.

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附近上门 News reported last September that the firm had filed paperwork to raise two new funds: $120 million for Silverton Partners VI LP and another $20 million for an opportunity fund.

Today, Silverton announced it has raised $127 million for its oversubscribed sixth fund, and $17 million for its first Opportunity Fund, which will make 鈥減ro rata investments in some of the firm鈥檚 highest potential portfolio companies,” according to Silverton General Partner .

Silverton Partners is Austin鈥檚 most active early-stage VC firm, with $403 million under management. This new fund marks the largest flagship venture capital fund raised by the firm since its inception in 2006.

In May 2018, we reported on Silverton closing on its fifth fund, in which it raised $108 million in an oversubscribed round of funding. Previous funds raised $75 million in 2006 and .

Ninety-five percent of the capital in Fund VI comes from top-tier university endowments, foundations and health systems. Five percent is from individual and family offices, but mostly entrepreneurs that Silverton has worked with in the past, according to Flager.

“The vast majority of the capital is from return backers. We did, however, add several new institutional聽investors in SPVI to further diversify our LP base,” he told 附近上门 News.

Building on momentum

Silverton Partners鈥搇ed by general partners Kip McClanahan, Mike Dodd and Flager鈥揺xpects to add 20-25 companies to the Fund 6 portfolio, and up to eight positions in the opportunity fund.

Average investment will be in the $6 million to $7 million range.

鈥淲e typically reserve about two times the initial capital for follow-ons,鈥� Flager told 附近上门 News. 鈥淭his isn鈥檛 going to change at all. The Opportunity Fund capital will allow us to go beyond that average for a select few investments.鈥�

By forming an Opportunity Fund, Flager said, Silverton can invest in later-stage funding rounds for existing portfolio companies, 鈥減artnering with marquee firms, without diluting Silverton鈥檚 core focus of seed and Series A investing.鈥�

As in Fund V, Silverton plans to invest about 25 percent to 30 percent of its capital outside of Texas. The firm has recently backed startups in New York, Southern California and Utah.

Silverton has made 135 knownover its 14-year lifetime, at least 44 of them鈥揳nd had 29 known .

Since the start of 2018 alone, Silverton was the seed investor in a set of companies that exited for a combined $3.2 billion. Those exits include going public last September, being recapitalized by and being purchased by 聽in January 2019 for $225 million.

In 2019, Austin saw record venture funding, according to 附近上门 data. Venture funding in Austin totaled $1.84 billion for the year. That was up 19.5 percent compared to the $1.54 billion raised in 2018 and an impressive 87 percent compared to $983 million in 2017.

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