This morning, the Bay Area venture firm Scale Venture Partners is announcing the close of its newest fund, Scale Venture Partners V, L.P., with $335 million, up from the $300 million fund it closed in May 2013.
Scale, once the venture arm of Bank of America (it split off from the bank 10 years ago), says its capital came from a wide array of pension funds, foundations, funds of funds, financial investors and family offices worldwide, including previous and new investors. (BofA is no longer an LP.)
The firm, which focuses primarily on enterprise investments, is run by longtime colleagues Stacey Bishop, Kate Mitchell, Rory O’Driscoll, and Andy Vitus, along with their newest partner, Ariel Tseitlin, a former director of cloud solutions at Netflix who was promoted from venture partner in 2014. It also recently announced the promotion of former tech banker Susan Liu to vice president from senior associate.
Like a lot of other firms able to raise funds right now, Scale has had a string of exits in recent years, including the IPOs of the online storage provider Box. We talked via email with several partners of the firm earlier this week to get a better handle on where it might be shopping next (among other things).