Canaan Partners, the venture capital firm that focuses on the US, India and Israel, has closed its ninth fund at $600 million. The new fund has been backed by both new and existing LPs and it takes the firm’s total assets under management to $3.5 billion.
About two-thirds of the fund corpus will be put toward digital media, consumer internet, mobile and communications companies, with the rest earmarked for biopharma, medical device and healthcare infrastructure investments.
“We’ve had the privilege of working with outstanding entrepreneurs – often over a long haul because it takes time to build a valuable company, and it’s rarely a straight line to get there,” John Balen, general partner at Canaan Partners.
Canaan’s current Indian portfolio companies include BharatMatrimony, which claims to be the world’s largest consumer internet site for matrimonial services, business support services provider iYogi, shopping portal Naaptol and legal process outsourcing firm UnitedLex. Recently Canaan Partners has led $45M investment along with Intel Capital at Happiest Minds, an IT services firm founded by former Mindtree Chairman Ashok Soota. Canaan funded web company – Chakpak was acquired by Flipkart.