PRINT THIS PAGE US Shasta Ventures closes $210m venture capital fund and announces first investments28/02/2005. Source: AltAssets. 
 US venture capital firm Shasta Ventures has closed its first fund with commitments of $210m, ahead of its original target of $175m. The fund will invest in early-stage companies in the US - with a special focus on the West - in the infrastructure, software and technology-enabled service sectors.
Fundraising began in June 2004 and Shasta Ventures held a first closing on $70m in October 2004. According to Tod H Francis, a founder and managing director at Shasta Ventures, the fundraising process was consistent with the firm's expectations: 'LPs are very thorough in their analysis, especially when it is a first-time fund.'
Shasta was founded by venture capital veterans Robert T Coneybeer, Tod H Francis and Ravi Mohan, who previously worked for New Enterprise Associates, Trinity Ventures and Battery Ventures. They started working together in September 2003.
Francis said, 'We came together to build a venture firm that focuses on early stage technology companies serving both consumer and enterprise customers. We are fortunate to be managing an investment partnership funded by many leading institutional investors including endowments, foundations, pensions and family offices.'
Shasta Ventures has already announced its first two investments out of its new fund: The firm led an investment in early-stage software company Zenprise, which focuses on automation and service management tools for IT administrators. In its other deal, Shasta ventures has teamed up with early-stage technology venture capital firm Benchmark Capital to co- invest in a company in the marketing services sector.
Shasta Ventures has also announced that Austin Grose has joined the firm as chief financial officer. Grose most recently worked as CFO of Allegis Capital. His prior experience includes CFO roles with Associated Venture Investors and MK Global Ventures.
Ravi Mohan, also a managing director at Shasta Ventures, said, 'Austin is a great addition to the firm as he brings over a decade of experience in venture finance to Shasta Ventures.'
Shasta Ventures is located in Menlo Park.
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