Press Release

Foundation Capital Closes $750 Million Venture Capital Fund and Expands Clean Technology Focus

Firm expects to allocate $250 million to expand cleantech practice

Menlo Park, Calif. — April 7, 2008 — Foundation Capital, a venture capital firm committed to early stage company building, today announced that it has closed a $750 million venture capital fund, Foundation Capital VI. The fund will allocate roughly $250 million to expanding the firm's thriving cleantech practice which began in 2003. Foundation Capital has since built a comprehensive portfolio of investments in cleantech sectors including energy efficiency and intelligence, green building materials and industrial processes, food quality and clean water.

Foundation's cleantech portfolio has celebrated numerous milestones since it started, including the firm's investment in the demand response and energy management company, EnerNOC, which resulted in one of the cleantech industry's first initial public offerings (IPO) in May 2007. EnerNOC and another Foundation investment, Silver Spring Networks, which delivers SmartGrid technology to utility providers, were recognized by the World Economic Forum as Technology Pioneers in 2007 and 2008 respectively. Most recently, Foundation was selected as an Inaugural Partner of the Department of Energy's Entrepreneur-In-Residence Program, working closely with the Department's Oak Ridge National Laboratory to help sponsored entrepreneurs bring the most promising of the Lab's energy technologies to the private sector.

"The cleantech industry is thriving with experienced technology executives driving new urgency into the market. At Foundation, we've taken a keen interest in the 'demand side' of the cleantech equation and are pleased to see the industry embrace investments geared toward energy efficiency," said Paul Holland, general partner at Foundation Capital.

Foundation Capital will continue to leverage its partners' operations experience and investing success to identify and back the best entrepreneurs in building successful technology companies in the areas in which it has traditionally been active - consumer Internet and infrastructure; telecommunications and networking; and enterprise software and on demand services. The addition of general partner, Ashmeet Sidana; operating partner, Skip Glass; and principals, Mike Brown and Steve Vassallo, will assist Foundation Capital to spot and pursue new investment opportunities.

"We work with entrepreneurs to build great companies for the long term. Our experience and recent successes continue to demonstrate a robust level of entrepreneurial activity of very high quality across a number of sectors," said Bill Elmore, general partner, Foundation Capital.

About Foundation Capital
Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in cleantech, consumer Internet and infrastructure; telecommunications and networking; and enterprise software and on demand services. Foundation Capital funds total more than $2.4 billion. For more information, www.foundationcapital.com.

Media Contact:
Christina Furtado
OutCast Communications
415-392-8282
foundationcap@outcastpr.com

 

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