The Boston Business Journal is out with a story today on Spark Capital in the wake of Twitter’s (NYSE: TWTR) recent IPO and Yahoo’s (NASDAQ: YHOO) acquisition of Tumblr earlier this year.
Venture capital firm Spark was an early investor in Twitter and Tumblr, and the company is also a Covestor shareholder.
Kyle Alspach for the Boston Business Journal reports:
Boston-based Spark Capital is wagering that some of the next success stories in its portfolio could come out of its home turf, where the firm is currently a backer of 11 companies.
Spark’s portfolio of Boston-area companies also includes Benu Networks, Jana, Consumer United and Quantopian.
According to the Boston Business Journal:
Spark invested $25 million into Massachusetts-based firms in 2012, across nine deals, according to figures provided by the firm.
In all, Massachusetts-based companies accounted for 20 percent of Spark’s deals and 16 percent of its funding last year; Spark invested a total of $153.5 million across 44 deals in 2012.
In February, Spark Capital closed its largest fund yet, a $450 million fourth fund. Other prominent firms backed by Spark include Warby Parker, foursquare and Aviary.
The report notes that Covestor, an online marketplace for money management, raised $12.75 million in a Series B financing round earlier this year. Investors in the round included Union Square Ventures, Spark Capital, Amadeus Capital Partners, and Bay Partners. The Series B financing brings the total capital Covestor has raised to $28 million. Todd Dagres, a founder and general partner of Spark Capital, has led Spark’s investment in Covestor.
Photo Credit: Werner Kunz
