Venture capital firm Telstra Ventures has announced the closure of its third fund after raising $500 million.
Co-CEOs Matthew Koertge and Mark Sherman said the $500 million fundraising would be used to advance investment opportunities across all Cs: cloud, cyber, crypto (including blockchain), carbon and climate, coders, creators and consumers.
San Francisco-based Sherman said, “We have developed a world-class reputation for identifying, investing in and serving extraordinary entrepreneurs.
“Since our Fund III, using our team’s unique investment strategies on the ground and integrating our data science analysis, we have already invested in 15 startups, including Cequence, ClosedLoop, Enable, Forage, FTX, LambdaTest, Lively, Pandion, Sleeper and Strata. , said Mark Sherman.
“We respect our CEOs for leading their businesses and supporting them in revenue generation and data science,”
Sydney-based Koertge said: “Over the past ten years we have returned over $800 million to our existing LPs. The fact that we have been able to raise these funds from a range of existing partners and over 35 new limited partners, across the globe amidst considerable financial market volatility and pandemic concerns, is a testament to the high reputation than our team, our portfolio company entrepreneurs and the quality returns they have generated from our first two funds.
“By helping our portfolio companies generate revenue, leveraging data science, and mobilizing capital, we work hard to help our portfolio companies and limited partners every step of the way.”
Telstra Ventures collectively said that the 88 investments resulted in 33 liquidity events (M&A or IPO), of which 17 achieved unicorn status (a valuation over $1 billion), five of which achieved unicorn status. decacorn status (a valuation in excess of $10 billion).
“Through our revenue-generating relationships, we have generated A$640 million in revenue for our portfolio companies since our inception. With our expertise in applying data science to investment strategy, we bring the world’s smartest technology to a global audience as well as the millions of customers who use Telstra’s services,” said Koertge.
“But that doesn’t quite reflect the depth of the relationship.”
Telstra’s head of corporate finance, Guy Wylie, said the fact that Telstra has contributed to each of the three funds is indicative of the strong relationship developed over the past decade.
“We recognize that our contribution to Telstra Ventures is more than just money. Through smart investments, identifying new technologies, and supporting partners and companies to generate revenue as well as significant returns for investors, Telstra Ventures is a truly different venture capital firm.
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