03 Nov Despite slump, venture firm sets up $575 million fund
SAN FRANCISCO — Even amid the contraction of the venture capital industry, which fertilizes the seeds of new technology start-ups, some firms are expanding.
On Monday, Greylock Partners, which has backed Facebook and LinkedIn, announced that it had put together a new $575 million fund, one of the biggest to be created in the last year. It has also hired a new partner, Reid Hoffman, the founder of LinkedIn and an active investor in early-stage start-ups.
The venture industry has been pummeled in the last year by dismal conditions that have made it difficult for start-ups to go public or be acquired by bigger companies. Many have predicted that the number of venture firms could shrink by as much as half.
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