Exclusive: Floodgate raises $75 million for fund

Jul 31, 2012

Dan Primack was a senior editor at Fortune from 2010 to 2016. He was also the author of Term Sheet, Fortune's daily newsletter about deals and dealmakers.

FORTUNE -- Early-stage tech investor Mike Maples made some headlines yesterday, when his Floodgate Fund disclosed in an SEC filing that it is seeking $75 million for its fourth fund. Actually, make that was seeking.

Fortune has learned that the fund is already closed, without even having to solicit new investors.

“In keeping with our investment strategy, our fund size and investor group has remained the same as with Fund III,” Maples wrote in an email. “We are grateful to our LPs for their continued support.”

Don't expect any strategy shift for Floodgate, which looks to "bridge the gap between initial seed money raised from traditional 'angel' investors and the much larger investments that characterize traditional venture capitalists." Portfolio companies include Chegg, Circle of Moms, FormSpring, ModCloth, SolarWinds, TaskRabbit and Twitter. Exited deals include Kongregate (acquired by GameStop), Playdom (sold to Disney) and Dasient (acquired by Twitter).

In addition to Maples, Floodgate is managed by Ann Miura-Ko, a lecturer in the School of Engineering at Stanford University.

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