Report: Matrix Partners Raises $450M Fund

Another Massachusetts venture capital firm is apparently rounding up a new batch of investment dollars.

Fortune is reporting that Matrix Partners, headquartered in Waltham, MA, has raised $450 million for its 10th VC fund. As reporter Dan Primack notes, it’s smaller than the firm’s $600 million fund dating from 2009, and in line with the $450 million fund raised in 2006.

I’ve asked Matrix for comment on the report, which was based on anonymous sources, but haven’t heard any reply. There’s also no paperwork filed yet with the SEC to indicate the fundraising period is officially done, but that also may be a formality.

Matrix is well-known in the region, and like other major firms, has operations across the country and the world. The firm also has a long track record with some big, successful names in the technology industry—amusingly, Matrix still lists Apple on its portfolio page, although you could say that IPO came some time ago.

The current Matrix portfolio includes Boston-area startup names like GrabCAD, Care.com, and HubSpot, which is one of the region’s biggest tech bets with more than $100 million raised. Matrix has also invested in nationally known startup and growth companies like Quora and Gilt.

News of the new Matrix Partners fund comes just after Boston-area VCs registered three of the largest fund closings in the country during the first quarter of this year. That news was tempered a bit, however, by the fact that it was a very slow fundraising quarter for the overall venture industry.

Author: Curt Woodward

Curt covered technology and innovation in the Boston area for Xconomy. He previously worked in Xconomy’s Seattle bureau and continued some coverage of Seattle-area tech companies, including Amazon and Microsoft. Curt joined Xconomy in February 2011 after nearly nine years with The Associated Press, the world's largest news organization. He worked in three states and covered a wide variety of beats for the AP, including business, law, politics, government, and general mayhem. A native Washingtonian, Curt earned a bachelor's degree in journalism from Western Washington University in Bellingham, WA. As a past president of the state's Capitol Correspondents Association, he led efforts to expand statehouse press credentialing to online news outlets for the first time.