Skift Take
With all the venture capital firms looking for the next Kayak to back, 2014 could be big for travel startups looking for backing.
Airbnb backer General Catalyst said on Monday it has established a new $675 million venture-capital fund to invest in early-stage technology firms.
The firm, known for investments in fleeting photo-sharing service Snapchat, payments service Stripe, and accommodation service Airbnb, said in a blog post the new fund – its seventh – would grow its presence in Silicon Valley.
A fund of $675 million is considered large in the venture capital business. While the occasional fund crosses the $1 billion mark, most add up to well under $300 million.
General Catalyst’s last fund was a $500 million vehicle raised in 2011.
(Reporting by Sarah McBride; Editing by Krista Hughes)
