Battery Ventures, a venture capital and private equity firm with offices in Boston, said Tuesday that it raised two new funds totaling $950 million.
The main fund, valued at $650 million, was raised alongside a side fund of $300 million. The smaller fund will support large investments in later-stage companies, the company says.
It’s a $50 million jump from Battery Ventures’ last round that closed three years ago. That fund, Battery’s tenth, was valued at a combined $900 million and was split between main and side funds valued at $650 and $250 million, respectively.
Michael Brown, a general partner at Battery, said the firm hasn’t changed its strategy in years: back viable tech companies regardless of whether they’re big and established or small startups.
“Our strategy is to focus on tech markets,” he said. From seed funding to IPO buyouts, Battery Ventures “looks at the best companies, the best teams to back, and invests across their life cycle.”
The firm opened in Boston 33 years ago and today has offices in Israel and the San Francisco Bay Area. Its investments include online furniture-seller Wayfair and Boston tech staple Akamai. Beyond Boston, Battery Ventures has invested in companies such as Groupon, which went public in 2011, and Dollar Shave Club, a discount razor-delivery service.
Earlier this month another VC firm in Boston, General Catalyst Partners, raised $845 million for its eighth venture fund.