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New Enterprise Associates

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New Enterprise Associates
Company typePrivate
IndustryVenture capital
Founded1977; 47 years ago (1977)
FoundersRichard Kramlich
Chuck Newhall
Frank Bonsal
AUM$25 billion (2023)[1]
Websitewww.nea.com

New Enterprise Associates (NEA) is an American-based venture capital firm. NEA focuses investment stages ranging from seed stage through growth stage across an array of industry sectors. With over $25 billion in committed capital, NEA is one of the world's largest venture capital firms.[2][3][4][5][6]

History

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NEA was founded in 1977 by C. Richard (Dick) Kramlich, Chuck Newhall and Frank Bonsal.[7] Kramlich had worked with noted venture capitalist Arthur Rock beginning in 1969 and Frank Bosnal had been an investment banker at Alex. Brown & Sons where he focused on initial public offerings (IPOs) for startup companies.[7] Chuck Newhall had previously managed an investment fund for T. Rowe Price in the 1970s. The firm was founded with offices on both the East Coast and the West Coast. Among the firm's first investments was 3Com, which NEA backed along with Mayfield Fund and Jack Melchor in 1981.[8]

The first NEA investment fund had only $16 million of capital. The firm's second fund raised $45 million and the third fund collected $125 million of commitments from investors in 1984. The firm continued to grow steadily throughout the 1980s and early 1990s raising $900 million from 1987 through 1996 across NEA's next four funds.[7] Beginning with NEA-8 in 1998, the firm greatly increased the size of its investment funds. NEA's tenth fund had $2.3 billion of investor commitments in 2000. After raising a more modest $1.1 billion in 2004 for the firm's eleventh fund, NEA raised $2.3 billion and $2.5 billion for its next two funds, respectively.[9][10] In 2010, NEA launched its thirteenth investment fund with $2.5 billion of investor capital, the largest since the Financial crisis of 2007–08.[11] In 2012, NEA closed its fourteenth investment fund with $2.6 billion of investor capital.[3][6] In April 2015, NEA closed its fifteenth investment fund with $3.1 billion in investor capital - the largest venture capital fund ever raised.[12] In June 2017, NEA closed its sixteenth investment fund with $3.3 billion in investor capital - again the largest venture capital fund ever raised.[13]

Operations

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The firm primarily functions in New York and California, and has offices in Baltimore, Bangalore, Beijing, Boston, Menlo Park, California, Mumbai, New York City, San Francisco and Shanghai.[14][1]

Since its founding, NEA invested in nearly 1,000 companies, and realized over 650 liquidity events (with over 250 portfolio company IPOs and over 300 portfolio company acquisitions).[3]

In 2018, former CEO of General Electric, Jeff Immelt, joined the firm as a venture partner.[15]

Investments

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NEA has 370 portfolio companies. Some of the firm's investments include: Aerohive Networks, Alimera Sciences, Amicus Therapeutics, Antenna Software, Appian, AppSheet, Arris International, Automation Anywhere, Bloom Energy, Box, Inc., Bright Health, Built Robotics, ByteDance, Champions Oncology, Clarifai, Cleo, Clio, Cloudflare, Clovis Oncology, Cohere, Conviva, CrowdMed, Coursera, Dandelion Energy, Databricks, Drop, Eargo, Edmodo, Enigma, FiscalNote, Formlabs, FTX, Gen.G, Genies, Inc., Goji Electronics, GoodLeap, Goop, HackerOne, Houzz, IFTTT, Illumitex, Illusive Networks, Instabase, Konux, Lexicon Pharmaceuticals, Luminary, Luxtera, MasterClass, Moda Operandi, MongoDB, Pager, Patreon, Philo, Plaid, Raise.com, Regulus Therapeutics, Robinhood Markets, Rock Health, Smartcar, Splashtop, Tamara Mellon, The Yes, ThirdLove, Tintri, Uniphore, Upstart, Upwork, Virtru, Wheels Up, Zoomdata.[16][better source needed]


See also

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References

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  1. ^ a b Murillo, Ana Lucía (17 April 2024). "Prominent venture capital firm bids D.C.-area office goodbye as focus shifts". www.bizjournals.com. Retrieved 19 May 2024.
  2. ^ Gutsy venture firm New Enterprise Associates brings home results. VentureBeat, January 4, 2007
  3. ^ a b c NEA - History (Company Website)
  4. ^ Dan Primack (November 7, 2011). "NEA: The VC World's best-kept secret". Fortune. Archived from the original on April 3, 2015. Retrieved September 27, 2016.
  5. ^ NEA Raising $2.5 Billion For What Could Become The Largest VC Fund In History. Tech Crunch, May 9, 2012
  6. ^ a b New Enterprise Associates Closes $2.6 Billion In One Of Largest Venture Funds Ever. Forbes, July, 2012
  7. ^ a b c Udayan Gupta (2000). "Richard Kramlich - New Enterprise Associates". Done Deals: Venture Capitalists Tell Their Stories. Harvard Business Press. pp. 191–193. ISBN 9780875849386. Retrieved September 27, 2016.
  8. ^ Pelkey, James. Entrepreneurial Capitalism and Innovation: A History of Computer Communications 1968-1988
  9. ^ New Enterprise Associates closes new $2.5 billion fund. Silicon Valley Business Journal, July 23, 2006
  10. ^ "$2.5 Billion in Search of an Exit". Deal Book. New York Times. July 12, 2006. Retrieved September 27, 2016.
  11. ^ Tim Mullaney (January 21, 2010). "Venture Capitalist Dick Kramlich's Last Stand". Bloomberg Business Week. Retrieved September 27, 2016.
  12. ^ Alex Konrad (April 15, 2015). "VC Firm NEA Raises A Record $3.1 Billion For Fifteenth Fund". Forbes. Retrieved September 27, 2016.
  13. ^ Tomio Geron (June 19, 2017). "NEA Raises Massive $3.3 Billion Fund". WSJ. Retrieved March 14, 2018.
  14. ^ New Enterprise Associates sets up Boston office. PE Hub, November 14, 2013
  15. ^ O'Brien, Kelly J. (2018-02-01). "Jeff Immelt joins venture capital firm with growing Boston presence". Boston Business Journal. Retrieved 2018-02-01.
  16. ^ "Portfolio | NEA | New Enterprise Associates". New Enterprise Associates. Retrieved 2014-09-26.
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