Avalon Ventures announced recently that it has closed capital commitments of $200 million for the firm's ninth and largest fund, Avalon Ventures IX, LP. The newest fund will continue the firm's investment focus in early-stage, high tech / digital media and life science companies.
It was more than 33 percent oversubscribed compared to the original target of $150 million and virtually all institutional investors in the two preceding Avalon funds committed to the ninth fund, according to a press release.
Avalon Ventures, a La Jolla-based venture capital firm was founded in 1983 by Kevin Kinsella and is one of the longest standing venture firms in the San Diego area. Members of the general partnership are Kevin Kinsella, Stephen Tomlin, Jay Lichter and Doug Downs, who are based in La Jolla, and Rich Levandov and Brady Borhmann, located in Cambridge, Mass.
— Source: BusinessWire