Canaan Partners closes ninth fund at $600m
Canaan Partners, the venture capital firm that focuses on the US, India and Israel, has closed its ninth fund at $600 million. The new vehicle, which received commitments from both new and existing LPs, 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, said in a statement. "With our recent string of exits, we are seeing the hard work of the past several years pay off in returns for our limited partners and entrepreneurs. We are proud of the top-tier management teams with whom we have partnered."
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.
In March, the firm appointed Rahul Khanna as managing director of its Indian operations.
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