Menlo Park, CA -- November 8, 1999 -- Redpoint Ventures today announced the closing of its first fund at $600 million. Redpoint is the technology-focused venture capital firm conceived in August by the partners of Brentwood Venture Capital and Institutional Venture Partners (IVP). In the last two months, the firm has raised over $600 million, the largest first fund raised by a technology-focused VC firm, according to Venture Economics. Redpoint will invest its capital in broadband infrastructure, services and media opportunities for the next generation Internet and television.
The firm has already committed to several investments, including Reflect.com, the web-based, customized beauty business launched by Procter & Gamble Company. Tim Haley and Geoff Yang, Redpoint managing directors, are on the board of Reflect.com.
"The size of this fund, and the fact that we raised it so quickly, signify three key points, said Brad Jones, Redpoint managing director. "Investors are responding to the enormous market potential of broadband communications and the Internet; the dramatic track records and experience of this team, and the belief in our focused strategy." Jeff Brody, another managing director, added, "Entrepreneurs have also recognized the value of our team focus and our resources. Consequently, we have already committed to a number of high quality deals that fit our criteria."
Redpoint's institutional investors are all previous investors in Brentwood Venture Capital and Institutional Venture Partners, including ARCO, Brinson Partners, Carnegie Corporation of New York, Duke Foundation, Endowment Venture Partners, Ford Foundation, Harvard University, Horsley Bridge Partners, Howard Hughes Medical Institute, Knightsbridge Advisers, Andrew W. Mellon Foundation, Memorial Sloan-Kettering Cancer Center, Mutual Life Insurance Company of New York, Northwestern University, Princeton University, Rockefeller Foundation, Santa Clara University, Stanford University, St. Paul Venture Capital, Pfizer, TIFF, University of California, Venture Investment Associates, Williams College, and Yale University.
Redpoint was formed to leverage the fundamental business shifts catalyzed by the Internet and to focus the partners' expertise into one entity that would best enable success for the firm's portfolio companies. By bringing together six experienced, dynamic partners to focus on key Internet markets, Redpoint aims to be the leader and driving force in the industry.
Redpoint has six managing directors: Jeff Brody, Tom Dyal, Tim Haley, Brad Jones, John Walecka, and Geoff Yang. The firm's three venture partners and one principal are Peter Gotcher, Dr. John McQuillan, Jim Mongiello and Allen Beasley, respectively. Redpoint will invest its capital in broadband infrastructure, services and media opportunities for the next generation Internet and television.
"Redpoint" is a climbing term that generally refers to leading difficult vertical climbs without falling. The name represents the firm's aggressive commitment to backing successful Internet startups through leadership, teamwork, and perseverance. For more information, visit Redpoint's website at: www.redpointventures.com.
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