Monday, September 26, 2016

Canvas Ventures Picks Up $300M For Software Investments

Portola Valley-based Canvas Ventures, led by Rebecca Lynn, Paul Hsiao, Garry Little, and Ben Narasin, has closed a new fund, Canvas Ventures 2, worth $300M, to go towards its early stage, software and services startup investments. The firm said the new fund will go towards software and services startups, and primarily will be invested in Series A and Series B round, with initial investments of $250,000 to $10M. The company says it is reserving $5M to $20M in investments in those companies, over the life of those companies. The venture investor said it specifically is looking at such area as artificial intelligence, network marketplaces, fintech, digital health, and "new enterprise" with this fund. The firm's prior fund was worth $175, and closed in August of 2013.