Spark Capital plans to close its oversubscribed $425 million fourth fund in two weeks, the firm revealed in a correction to a story published in Business Insider. Spark only announced it would be raising its fourth fund in December.
The venture firm was founded in 2005 by Todd Dagres, Santo Politi and Paul Conway (pictured above). It has its roots on the East Coast of the US, but invests around the globe (including leading a $14m round in Berlin-based GetYourGuide last month). The partners say on the firm’s website that their secret sauce is that they “don’t just study the markets,” but are “active users in the products in which we invest”.
The firm will invest in diverse market segments, including advertising, eCommerce, cloud computing and infrastructure, social, mobile and content.
The news was revealed yesterday on Twitter by Dow Jones’ reporter Laura Kreutzer and Fortune editor Dan Primack.
Oversubscribed. Began marketing in Dec. RT @laurakreutzer: Spark Capital to close Fund 4 with $425M in 2 weeks. Keeping premium carry.
— danprimack (@danprimack) February 7, 2013
The firm’s best-known portfolio companies include hipster eyewear brand Warby Parker, Tumblr and Twitter.