David Sze, Reid Hoffman tout Greylock Partners' new $1B fund
- Cromwell Schubarth
- Senior Technology Reporter- Silicon Valley Business Journal
- Email | Twitter | Google+
Greylock Partners' Reid Hoffman and David Sze on Tuesday announced the
firm has raised $1 billion to invest in its 14th venture fund.
They broke the news in a fireside chat at TechCrunch Disrupt.
"Why aren't you guys jumping up
and down, shouting we've raised a billion dollars!" TechCrunch founder Mike Arrington asked them in
a wide-ranging interview.
Sze demurred, saying that isn't his style but he is excited to have raised
the first fund Greylock raised since moving operations to the West Coast from
Massachusetts.He added that Greylock still has about half of the $1 billion fund it raised in 2011, so it is sitting on quite a large stash of money.
The firm will remain focused on early stage investments, but will consider Series B and later rounds, Sze and Hoffman said.
"This is an exciting time with
the new fund and the recent addition of Josh Elman and Simon Rothman as partners on
the consumer side," Hoffman said.
Among Greylock's successful investments have been LinkedIn, which Hoffman
co-founded and is now executive chairman, as well as Facebook, Workday and Palo
Alto Networks.Sze said Greylock did a study looking at which investments did best and found an interesting pattern. Ones that everybody at the firm agreed on tended to have mediocre returns and ones where opinion was divided did best.
Hoffman explained that may be because great investments have a "contrarian check."
"It's best when a lot of people will think that’s a bad investment but you will think that’s a good investment,” he said.
Click here to read Greylock's blog about its new $1 billion fund.
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newsletter about the region's founders and funders.
Cromwell Schubarth is the Senior Technology Reporter at the Business Journal. His phone number is 408.299.1823.
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