Well, it’s official. Vinod Khosla has raised a billion dollars for two new funds, Khosla Ventures III and Khosla Ventures Seed.
The funds will focus on clean technology. The Seed fund will have $250 million. It will focus mostly on experimental startups. Khosla Ventures III will have $750 million and will focus on more developed companies.
Joncarlo Mark, Senior Portfolio Manager at CalPERS is quoted in the release, though Khosla doesn’t say CALPers invested. It was previously reported that CALPers invested $60 million in the fund.
The venture group also confirmed they’ve hired ex-Facebook CFO Gideon Yu.
Most of this was reported by Forbes at the end of July.
This the first time he’s raised outside money for a fund, which Katie Fehrenbacher at Earth2Tech is a good sign for cleantech:
To me, this development says two things: First, it’s pretty bullish for the cleantech sector. Khosla, one of the most active and aggressive investors in cleantech, has moved away from the personal investing model and managed to convince limited partners to commit a whopping $1 billion. At the same time, it also shows how long cleantech firms take, and how much money they need, to mature compared to, say, infotech firms. Khosla has very few exits or matured revenue-generating companies in his cleantech-dominated portfolio, which he’s been building over several years.
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