Matrix Partners recently announced the closing of its 10th fund, a $450 million package focused on early stage technology investments. The fund was first leaked to Fortune’s Dan Primack last month, but now the paperwork makes it official.
The fund will focus on consumer investments in early stage consumer Internet, mobile, enterprise software and IT infrastructure startups. It is the third consecutive $450 million fund to focus on early stage investments. Though the fund was oversubscribed, the firm chose to stick to the $450 million range “because it fits our focused and selective investment practice,” Matrix explained on its blog announcing the fund. Unlike its previous fund, Matrix IX, this fund will be Matrix’s only US investment vehicle.
“Due to the unusual market conditions in 2008, we coupled a $150M Special Opportunity Fund with Matrix IX to take advantage of some unique investment opportunities we thought might emerge, but we never called any capital in that fund,” the firm explained on its blog.
Matrix is known for making investments in the $2 million to $10 million, along with the occasional seed or late stage investment.
Founded in 1977, Matrix stands out as one of the oldest firms in the venture community. Previous successful investments include Sycamore Networks, Cascade Communications, SanDisk, TheLadders, HubSpot, Gilt Groupe and Quora.
“We are grateful for the ongoing support of our limited partners who believe in Matrix’s long-term approach to venture capital,” said Matrix general partner, Timothy Barrows. “Matrix X will continue our long history of partnering with exceptional founders at the early stages of company formation to develop disruptive technologies and build world-class companies.”