Venture Firms Ride The Winds Of Social Gaming Co. Zynga
Raising a venture capital fund these days is no easy feat. But a small number of firms appear to have the wind at their backs, and that wind may have a name: Zynga Game Network Inc.
Foundry Group and Avalon Ventures, both of which invested in one of Zynga’s first rounds of financing back in early 2008, each have plenty of interest in their latest fund offerings, in part because of the performance boost they’ve gotten from that deal – even if much of it is on paper.
Avalon, for example, is expected to wrap up its ninth fund, ahead of a $150 million target sometime later this year. Meanwhile, Foundry Group has already collected at least $225 million in commitments for its second venture fund, according to investors.