FirstMark Capital has raised USD225m for a new early-stage fund, FirstMark V. The fund will finance companies working on the application layer of the internet, usually based in the New-York area. Five investments have already been made out of the new fund – electronic payments start-up Greenphire; children’s clothing company Lolly Wolly Doodle; web-based newswire NewsCred, data protection company Dashlane and video game developer Meteor Entertainment. The new fund follows FirstMark IV, worth USD200m, which also seeded tech startups, securing one highly successful exit when Riot Games Inc. was acquired by Tencent for USD400m.
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