DFJ Closes on $350M

Jul. 16, 2010

DFJ Closes on $350M, Continuing a 25 Year Mission of Backing Extraordinary Entrepreneurs Who Set Out to Change the World

Menlo Park, Calif. - July 16, 2010 - Continuing its 25 year mission of backing extraordinary entrepreneurs who change the world, Draper Fisher Jurvetson (DFJ) today announced the closing of its new Draper Fisher Jurvetson Fund X.  Leveraging the unparalleled geographic reach of its DFJ Global Network, comprised of 17 Network Partner Funds spanning four continents and $7B under management, DFJ Fund X will invest $350M in game-changing companies all over the world, across the cleantech, IT, mobile, and life science sectors.

"We are excited that our investors share our vision of funding entrepreneurs determined to make a significant global impact," said Tim Draper, a managing director and founder of DFJ. "The DFJ Global Network provides a unique advantage for us as we get to see the best deal flow and most passionate entrepreneurs around. Technology has no borders, and the emerging global markets continue to show entrepreneurship is not limited to Silicon Valley. While we recognize that the economic times are challenging worldwide, we look forward to investing this new fund and believe it's a great time to be in venture capital."

DFJ has a history of success in finding exceptional entrepreneurs with breakthrough technologies and has been a forerunner in investing in markets around the globe. In 2001, DFJ started its cleantech practice and has established a leadership position in this sector with companies such as EnerNOC (ENOC), Tesla Motors (TSLA), HT Blade, Silver Spring Networks, BrightSource Energy, SolarCity, and Synthetic Genomics, which recently created the first synthetic bacterial cell. DFJ was the first independent Silicon Valley venture capital firm to launch a broad global strategy, investing in Asia followed shortly by investments in Europe with international successes Skype (acquired by eBay), KongZhong (KONG), Focus Media (FMCN), and Baidu (BIDU).  In addition, AdMob was acquired by Google and NeoPhotonics, HT Blade (China), and Epocrates have filed for an IPO.

"When DFJ first invested in Baidu back in 2000, we immediately knew they had a differentiated view about the future of China," said Robin Li, founder and chief executive officer of Baidu (BIDU), and a limited partner in Fund X. "Tim Draper and the DFJ team provided invaluable assistance as we made Baidu the first Chinese company to be included in the NASDAQ-100. Now we are the 6th in Alexa ratings worldwide and the number one search engine in China with a $25B+ market cap."
 
Tesla Motors and SpaceX CEO and Founder, Elon Musk, added, "DFJ is always willing to go where many venture capitalists only follow. At both Tesla and SpaceX we are redefining huge industries that have changed little in 40 years, and DFJ embraces the challenges that vehicles like the Roadster and our recently launched Falcon 9 bring. I have had the privilege of working with two of DFJ's partners as board members, and believe that DFJ's vision is a big one, which is what venture capital should be about."

About DFJ:
DFJ backs extraordinary entrepreneurs everywhere who set out to change the world.  DFJ achieves its mission through its DFJ Global Network of Partner Funds. Together, DFJ and the Network manage over $7B and have invested in more than 600 companies. With a 25-year history of success across diverse sectors and market conditions, DFJ has led the way investing in emerging technologies, from the Internet and life sciences to clean energy and nanotechnology. DFJ has been proud to back industry changing successes in the Internet such as Hotmail (acquired by MSFT), United Online (UNTD), Overture (acquired by YHOO); mobility companies such as AdMob (acquired by GOOG), Mobile365 (acquired by Sybase) and Good Technologies; cleantech companies such as EnerNoc (ENOC), Tesla (TSLA), SolarCity, and Brightsource Energy; and life science companies such as Athenahealth (ATHN) and ePocrates. Named by TechCrunch as the "Top Networked Venture Capitalist", DFJ's Network covers more co-investors and geographic regions than any other venture capital firm.  For more information go to www.dfj.com.

Contact: Marta Bulaich
Marta@DFJ.com
650-233-9000