The venture capital firm Kleiner Perkins Caufield & Byers
has closed its KPCB Edge seed investing program after two years.
The news, first reported by Bloomberg, comes on the heels of the departure of the firm’s three early-stage investment experts: Anjney Midha, Roneil Rumburg, and Ruby Lee. Without any partners leading the fund, Kleiner Perkins has decided to shut it down and shift early-stage investment responsibilities to existing firm partners.
Kleiner Perkins is also losing general partner Michael Abbott, who focused on early-stage investments during his three years at the firm.
The firm invested in 13 startups through the early-stage fund since its beginning, most notable of which was Magic Leap, whose valuation has risen from $US2 billion to $US4.5 billion since Kleiner Perkins first invested in 2014.
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