Upfront Ventures, announced in June, the close of a record setting $400-million investment fund from which it plans to make multiple investments in startups in the coming years. Adjusted for inflation, it beats out their $390-million Fund II from 2000 which included such winners as Ulta Beauty (exited with an IPO in late 2007) and Bill Me Later (acquired by eBay’s PayPal unit in 2008).
The firm, led by managing partners Mark Suster and Yves Sisteron is widely accepted as the largest VC in Los Angeles County. In a recent LA Times article Suster was quoted as stating “The new fundraising speaks for itself. We not only raised $400 million, we did it in 2-1/2 months from start to finish. That speaks to our track record.”
According to research data from FactSet, Upfront Ventures recently sold about 18%, or roughly $150 million worth of shares, of its current stake in TrueCar, which raised $70 million in its initial public offering in May 2014. Other notable investments by Upfront Ventures include doorbell maker Ring, secondhand clothing shop ThredUp and sneaker buying app Goat.