Los Angeles-based venture capital firm CrossCut Ventures has had plenty of modest hits since being founded in 2008, including Lettuce Apps (sold to Intuit) and GradientX (sold to Amobee). What it hasn’t had, however, is enough money to lead certain deals or to maintain its pro rata position in promising portfolio companies — having raised just $5 million for its first fund and $12 million for its second fund.
That should no longer be a problem, as CrossCut this morning is announcing that it has raised $75 million for its third fund. The increase was driven by CrossCut’s decision to tap the institutional investor community for the first time, securing investors like Top Tier Capital Partners and The James Irvine Foundation. Read More