US-based venture capital firm Mayfield Fund has closed a $395 million fund, which is its XIII Fund. The target for Mayfield Fund XIII LP was $375 million, but the credit crisis has not affected Mayfield fundraising plans. The current market turmoil has not affected Mayfield's investment strategy or its ability to raise funding, said Yogen Dalal, managing director at Mayfield in an . The fundraising began a few months back only.
Out of 29 companies it has invested from its Fund XII, seven are in India, including early stage investor Seedfund. The new fund will invest in sectors such as enterprise, consumer, service provider, semiconductor and cleantech. The stage focus will remain variable, as it will continue to invest in seed, early and growth-stage companies. Mayfield plans to invest in about five more companies from Fund XII. It will begin to invest from Fund XIII in the first quarter of next year.
Mayfild has an office in Mumbai, which it opened last year, and Nikhil Khattau and Vikram Godse are a part of its India investment team. Some of its prominent investment in India are Consim Info (holding company of Bharatmatrimony, clickjobs), Tejas Networks and Genesis. Its last investment was $11 million in Bangalore-based innovative design and civil engineering company Geodesic Techniques, with SVB India Capital Partners.