Greylock Raises $575 Million In Six Weeks

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Greylock Partners announced today that it closed its “lucky” thirteenth round and brought in LinkedIn founder Reid Hoffman as partner.

We spoke with Greylock partner David Sze on the phone about the news, and learned:

  • The raise took just six weeks to complete.
  • Greylock only wanted to raise $500 million, but thanks to what David calls a “flight to quality,” took $575 million.
  • The fund will continue to focus on what Sze calls “IP in the software stack.” Expect investments in consumer-facing software on the Internet.
  • David says Reid is “exactly our type of guy,” likening him to Greylock partner Aneel Bhusri, the former vice chairman of PeopleSoft.

Reid will remain LinkedIn’s executive chairman.

On the phone, he told us one big reason he’s joining Greylock is that the firm, a LinkedIn investor, won’t mind him working on his day job. And he’s already familiar with several more Greylock investments: Hoffman is an angel investor in Greylock portfolio companies Facebook and Digg.

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