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Consider this another win not only for the D.C. area, but also for everywhere else not-Silicon Valley. Revolution LLC announced today that its Revolution Ventures fund expects to close on $200 million in commitments, surpassing the $150 million it was hoping to raise. The plan is that this capital will be invested, in amounts of less than $10 million at a time, in early-stage innovative, technology-enabled companies that are seeking to disrupt significant markets, according to a letter from the leaders of the fund: Steve Case, David Golden and Tige Savage.
In the group-penned letter, the three said that this new fund is an attempt to go back to the roots of VC. "Indeed, in some ways, the Revolution Ventures fund is a 'throwback' to the early days of venture capital," they wrote. "We are not just investors, but experienced business builders who have the expertise and passion to be actively involved with the companies we back. In keeping with that throwback VC model, we appreciate the value of multiple, smart perspectives and often welcome other leading investors to join us as backers of promising companies."