Greylock Partners, a Silicon Valley venture capital firm, has expanded its early-stage Greylock XIII fund to US $1 billion. The expansion capital was raised entirely with existing limited partners and was oversubscribed. In addition, Greylock announced the formation of Greylock Growth, a fund focused on later-stage financings in breakout consumer Internet and enterprise companies. The firm also operates the Greylock Discovery Fund for angel deals.
Greylock partner David Sze, leader of the growth initiative, said that continuous product innovation is critical to a company’s success. Greylock Growth will invest from US $25 million to $200 million at a time to help companies maintain their dominant positions while they continue to grow and expand.
Since Greylock’s initial Facebook investment in early 2006, about 40 percent of the firm’s dollars have gone toward later-stage companies. Greylock's portfolio includes companies such as Constant Contact, Groupon, Pandora, Redfin, and Zipcar. Pandora and Zipcar are currently in registration with the US Securities and Exchange Commission.
Greylock Partners initially closed $575 million for Greylock XIII in November 2009. The firm is an investor in a number of early-stage companies through this fund, including Airbnb, One Kings Lane, Pure Storage, Rally Software and Shopkick.
Greylock Discovery Fund has completed 20 seed-stage investments since it was launched in September 2010. Investments from this fund range between $25,000 and $500,000.