After 'Very Difficult' Fundraising, March Capital Oversubscribes its New Fund to Double Down on Enterprise
The new year is continuing where 2020 left off, with more L.A. venture firms raising big funds.
Santa Monica-based March Capital announced Thursday it has closed its third fund, a $450 million vehicle to double down on the firm's focus on enterprise software companies in artificial intelligence, industrial technology, cybersecurity, financial technology and cloud infrastructure.
If you were trying to close your new venture fund in the spring, you probably had a lot of sleepless nights and frantic Zoom meetings as limited partners tried to shore up their existing portfolios amidst Wall Street turmoil.
But after the initial shock from coronavirus wore off and public markets sharply rebounded, 2020 turned out to be a great year to raise a new fund, with the major caveat that you are well-established and raising lots of capital.
Bigger was definitely better.
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CrowdStrike shares surged more than 13% Thursday after the Sunnyvale-based cybersecurity company once again reported blockbuster earnings. The stock is now up 184% this year, eclipsing the 38% gain for the rest of the Nasdaq.
CrowdStrike's blistering performance is a big win for March Capital, the Santa Monica venture firm focusing on enterprise software founded by Jim Armstrong, Jamie Montgomery, Gregory Milken and Sumant Mandal in 2014.
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