Canaan Partners has announced today the closing of a $600 million fund, Canaan IX. The new fund brings total capital under management to $3.5 billion and will enable the firm to continue backing visionary entrepreneurs who are building disruptive global companies in the technology and healthcare sectors. Canaan received strong demand for the new fund from its existing limited partner base, as well as select new limited partners.
Canaan’s one-fund approach to venture investing will allocate approximately two-thirds of Canaan IX to technology investments in digital media, consumer internet, enterprise, mobile and communications companies in the U.S., India and Israel. One-third of the fund is designated to healthcare investments in biopharmaceutical, medical device and healthcare infrastructure companies. General partners in Canaan IX are Brent Ahrens, John Balen, Stephen Bloch, MD, Wende Hutton, Maha Ibrahim, Deepak Kamra, Warren Lee, Guy Russo and Izhar Shay; in addition, the fund is advised by Alok Mittal, Managing Director of Canaan India.
In India, Canaan Partner has invested in cellcast, Bharatmatrimony, Chakpak, e4e, Equitas,HappiestMinds, iYogi, Naaptol, MotorExchange, mCarbon and UnitedLex.