Dear
Friends
and
Partners,
We
are
pleased
to
announce
the
completion
of
our
fundraising
for
the
Revolution
Growth
fund.
We
closed
on
$450
million
of
capital
commitments,
more
than
our
target
amount,
and
ahead
of
our
expected
schedule.
The
three
of
us
will
lead
the
Revolution
Growth
fund
and
collectively
are
the
largest
investors
in
the
fund.
We
are
pleased
to
be
joined
by
24
terrific
institutional
limited
partners.
Our
focus
now
turns
to
the
excitement
of
investing
in
and
building
a
select
number
of
innovative,
high-‐growth
companies.
Our
strategy
will
be
one
of
concentration,
and
we
anticipate
making
ten
to
twelve
investments
over
the
next
five
years.
We
will
spend
considerable
time
with
each
company,
rolling
up
our
sleeves
to
partner
with
great
entrepreneurs
to
build
iconic
platform
companies.
As
you
might
expect,
we
are
particularly
interested
in
consumer-‐centric
companies
that
use
new
approaches
to
disrupt
large
industries.
We
will
seek
out
entrepreneurs
and
companies
that
aim
to
build
lasting,
market-‐leading
companies
that
can
be
game-‐changing.
We
expect
to
announce
our
first
investment
early
next
year.
The
three
of
us
have
worked
together
for
more
than
15
years.
We
genuinely
like
and
trust
each
other,
and
our
skills
complement
each
other.
All
three
of
us
will
be
active
with
each
company
in
which
we
invest.
Indeed,
in
some
ways,
the
Revolution
Growth
fund
is
a
“throwback”
to
the
early
days
of
venture
capital.
We
are
not
just
investors,
but
former
CEOs
and
business
builders
who
have
the
expertise
and
passion
to
be
actively
involved
with
the
companies
we
back.
By
making
only
a
few
investments
each
year,
we
will
have
the
time
to
really
help
the
entrepreneurs
with
whom
we
partner.
We
will
look
to
invest
in
what
we
call
the
"speed-‐up"
stage
-‐-‐
when
a
company
is
past
the
venture
stage,
but
not
yet
to
the
growth
stage.
In
these
companies,
there
is
proof
of
concept
and
some
early
revenues,
but
not
yet
mainstream
adoption
or
market
leadership.
We
love
helping
companies
scale
and
are
willing
to
spend
the
time
necessary
to
help
them
achieve
their
full
potential.
We
will
concentrate
our
capital
and
time
in
a
select
number
of
opportunities,
so
we
can
be
highly
selective.
We
expect
that
our
typical
investment
will
be
$25
–
50
million,
which
will
generally
enable
us
to
be
the
largest
and
most
influential
investor.
While
our
visibility
and
reach
is
national,
we
will
generally
focus
on
investments
in
the
Eastern
United
States.
We
believe
there
are
great
entrepreneurs
building
great
companies
all
over
the
country,
so
we
will
focus
our
attention
outside
of
Silicon
Valley.
We
are
all
very
excited
about
the
potential
of
backing
promising
entrepreneurs
and
helping
them
build
special
companies.
Revolution
Growth
fund
will
be
the
primary
investment
focus
for
each
of
us.
Ted
will,
of
course,
continue
to
be
active
with
his
sports
teams,
and
Steve
will
continue
to
spend
time
on
public
policy
issues
related
to
entrepreneurship
and
will
also
continue
to
make
earlier-‐stage
venture
investments,
but
for
all
of
us,
Revolution
Growth
fund
will
be
the
main
event
for
our
business
building
activities.
We
are
grateful
for
the
friendship
and
partnership
you
have
shown
us
over
the
years,
and
we
hope
we
will
have
the
opportunity
to
work
with
you
in
this
new
endeavor.
You
can
learn
more
about
Revolution
Growth
fund
and
our
efforts
at
www.revolution.com/growth.
Needless
to
say,
if
you
run
into
companies
that
you
think
can
change
the
world,
let
us
know!