True Ventures has $840 million more to invest in nascent and breakout startups

True Ventures, the now 15-year-old firm with offices in Palo Alto, Calif., and San Francisco, is taking the wraps off two new funds this morning: it has closed its seventh early-stage fund with $465 million, and capped its fourth opportunity-type fund — used to back its own breakout portfolio companies — with $375 million.
It’s a lot of committed capital for True, which was founded and continues to be led by Jon Callaghan and Phil Black. It’s also a bigger firm than it once was, with 35 people across the firm, including 10 others on the investing side, as well as other colleagues across the firm’s finance, operations, and platform teams.
It’s especially easy to understand why True would raise another, slightly larger opportunity fund (its last closed with $285 million in 2018, and its last early-stage fund closed with $350 million at the same time). It was through one such vehicle that True was able to invest so much in the consumer fitness company Peloton, including its Series F round.
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