Canaan, a Menlo Park, CA-based early-stage venture capital firm, raised $850m for Fund XIII and additional commitments.
The raise included Canaan XIII, a $650m fund intended to support seed and early-stage technology companies spanning enterprise, consumer, frontier tech, and fintech through exits including merger and acquisition (M&A) activity and initial public offerings (IPOs), and additional $200m of commitments to accelerate the growth of existing portfolio companies across all of Canaan’s active funds.
Canaan XIII will invest in seed and early-stage technology companies spanning enterprise, consumer, frontier tech, and fintech. The firm will also seek to invest in its expanded consumer and frontier tech practices, specifically marketplaces, commerce, and gaming, and companies in robotics, supply chain, logistics, autonomous vehicles, and AI/ML, respectively. Finally, fintech investments are expected to be rooted in platform and infrastructure companies across financial services, insurance, and property. The healthcare effort for Canaan XIII will be dedicated to company creation and early investments in areas such as oncology, immunology, and neurology, along with larger therapeutic indications such as cardiology and respiratory, where promising clinical-stage assets are often overlooked or neglected within the industry. The team will specifically seek to prioritize new modalities, including the latest genetically defined precision approaches that it believes are capable of producing impactful new medicines that drive meaningful clinical outcomes.
These new funds bring its total assets under management to $6.8 billion.
FinSMEs
06/04/2023