Battery Ventures has closed two new funds: Battery Ventures XI, a $650 million vehicle, and Battery Ventures XI Side Fund, a $300 million fund intended to support larger investments. Battery raised predecessor fund family Battery X and Battery X Side Fund, totaling $900 million, in February 2013.
As with its predecessor funds, Battery will continue to target investments at stages ranging from seed to private equity, deploying capital in increments of a few hundred thousand dollars up to deals worth $100 million for large growth and private-equity opportunities. In 2015, Battery opened a new office in San Francisco - adding to its presences in Boston, Menlo Park, CA and Herzliya, Israel - and will continue to make investments globally, with the majority of deals in North America, Israel and Europe.
Key investment sectors for the firm include application software/SaaS; IT infrastructure, including areas such as cloud computing, "big-data" technology and cybersecurity; consumer Internet and mobile; and industrial technology.
In the past three years, Battery has seen six portfolio companies go public and 15 - not including seed investments - announce acquisitions. The IPOs included Israeli direct-to-consumer insurance carrier IDI Insurance.
Battery Ventures investments in Israeli startups in 2016 include as part of the $50 million financing rounds of DevOps developer JFrog, date recovery company Zerto and big data company SiSense, and the $35 million financing round of flash storage startup Elastifile.