Battery Ventures raising over $4 billion for new funds

• A Battery spokesperson declined to comment, citing regulatory restrictions.

Details: Battery is targeting $3.5 billion for its 14th flagship fund, of which it's already secured over $3 billion. It's also closed on over $500 million for its second "select" fund, which provides additional capital to existing portfolio companies, of a $600 million target.

• Goldman Sachs is serving as a placement agent.
• Battery is currently investing out of a $2 billion flagship fund raised just before the pandemic, plus a $400 million select fund announced in early 2021.
• The filings also show that Battery has promoted Zack Smotherman to general partner. He focuses on industrial tech investments.

The firm was founded in 1983 and invests in everything from early-stage startups to buyouts of mature tech companies.