SaaS-focused Storm Ventures registers sequel to $180m Fund V

Storm Ventures has registered its intention to raise its sixth flagship venture capital vehicle.

No target has been announced so far, however the firm pulled in $180m for fund’s predecessor back in 2015.

The firm is yet to register any capital commitments for the latest fund according to a filing with the US Securities and Exchange Commission.

Storm had previously seen its fund sizes dwindling since raising $312m for Fund II in 2000, having gone on to collect $220m for Fund III in 2005 and at least $96m for Fund IV in 2011, but saw a resurgence in capital through the Fund V raise.

This latest fund is expected to follow the same strategy as its last flagship offering, investing in early-stage businesses in the software-as-a-service sector.

Storm’s previous investments have included blockchain-based identity management system ShoCard and cloud security and compliance risk platform RedLock.

The third fund was backed by institutional investors such as Alfred I duPont Trust, Flag Capital, General Motors Asset Management, Goldman Sachs, Vencap and Spur Capital.

Earlier this year Storm Ventures appointed Paul Willard and Arun Penmetsa as its latest partners.

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