True Ventures, a well-known Palo Alto-based venture capital firm, has announced that it’s closed two new funds totaling $840 million. The venture capital firm has secured $465 million in commitments for “True Core Fund VII”, its seventh early-stage fund so far, and $375 million for “True Select Fund IV”, its fourth Select fund so far which is dedicated to providing follow-on capital to True’s existing portfolio investments. The new fundraising brings the total amount of capital managed by True Ventures to over $2.8 billion.

True Ventures’ new fundraising follows a successful streak for the venture capital firm, which has scored substantial wins on various companies and most recently fitness equipment and content company Peloton. True Ventures backed Peloton a few years ago when it was still a private company and emerged as the second-largest shareholder with a 12% stake in the company as of the time of its public listing last year. Peloton debuted on the public markets with a $7.2 billion valuation and has recently soared to as high as $38 billion, as a coronavirus pandemic has largely drawn people towards in-home fitness and largely boosted the demand for its products. True Ventures currently holds a very lucrative stake in the fitness equipment company.

Along with Peloton, True Ventures throughout its history has scored big exits on other companies such as Duo Security (acquired by Cisco), Ring (acquired by Amazon), Blue Bottle Coffee (acquired by Nestlé), and Evident.io (acquired by Palo Alto Networks). The venture capital firm also holds lucrative stakes in highly-valued but still-private companies like HashiCorp and Zymergen.

Altogether, True Ventures has invested in over 300 companies since its founding in 2005. The firm, spearheaded by twelve partners, will continue to double down and fund more companies with its newly closed funds.

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