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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!	
  

	
  




                                                                                                                                                                                                                 	
  

				
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posted:12/1/2011
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