Battery Ventures, the now 37-year-old investment firm, just closed on two new funds with $2 billion in capital commitments — nearly double the record-breaking $1.2 billion that the firm closed on exactly two years ago.
The raise is part of a broader trend of firms rushing back to market every two years to lock down ever greater capital commitments.
But General Partner Chelsea Stoner insists the firm’s $1.2 billion flagship fund (its 13th) and $800 million companion vehicle reflects the firm’s determination to slow down its pace of fundraising. “Our last fund we deployed in two years, and we want to get back to [fundraising every] two-and-a-half to three years,” Stoner explained in a call yesterday about Battery’s new vehicles and how they might be invested.