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Floodgate closes sixth fund with $131 million

Floodgate, an 11-year-old, Palo Alto, Ca.-based early stage venture capital firm, has raised $131 million for its sixth fund, according to an SEC filing that shows the firm turned to just eight investors for the capital commitments.
Though small by today’s fundraising standards, the fund reflects a bit of a departure for the firm, whose fifth fund closed with $76 million in 2014.  (Its fourth fund similarly closed with $75 million and its third closed with $73.5 million.)
Floodgate doesn’t typically make announcements around its fundraises.
The firm was originally founded by Mike Maples, a former Microsoft EVP who went on to co-found and take public an Austin, Tex.-based software company, Motive, before jumping into venture capital.
Ann Miura Ko, once an analyst at CRV, joined Maples soon after as a cofounding partner in 2008.
The firm also counts as investors Iris Choi, Arjun Chopra and Ryan Walsh.
Floodgate typically backs very early-stage companies in both the Bay Area and in Austin.
Some of its newest bets include LabDoor, a startup that tests and rates supplements (we wrote about it here), and MissionU, a still-stealth education startup.
Some of its most recent exits include the sale of Kanjoya, a cloud workforce intelligence startup, to Ultimate Software for undisclosed terms, and the sale of the self-publishing platform Pronoun to MacMillan for an undisclosed sum.
Others of Floodgate’s bets include the digital lifestyle media company Refinery 29; the freelance labor force app TaskRabbit; Demandforce (which sold to Intuit for roughly $420 million in cash in 2012); and the microblogging platform Twitter, which went public in late 2013.

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