he new style of venture investing is all about narrower focus and smaller pots of cash. VC firms traditionally consist of a dozen or more partners who invest funds of $400 million or more across a variety of industries. By contrast, new firms like Emergence, Orchid, Shasta, and Valhalla have just a handful of partners who oversee funds of $200 million or less, targeting their efforts in just one specific industry or area. Freed from the pressure to put massive amounts of money to work, and undistracted by hangovers from previous bad investments, these new firms are actually returning venture investing to the model that prevailed before the bubble.
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