Steve Case, co-founder of AOL, is raising a $500M fourth growth fund for his D.C.-based venture outfit, Revolution. Almost four years have passed since the firm’s third growth fund was closed at $525M.
- The firm is possibly best known for its Rise of the Rest seed funds, which invest in cities less-frequented by venture capitalists. The most recent iteration was closed last year at $150M.
- The abnormally long delay between growth funds is potentially due to Revolution’s mission of investing in cities where living/operating costs are substantially lower, which lets each check go further.
- Revolution's big exits include DraftKings, which debuted on the Nasdaq after a reverse-three-way-merger, and BigCommerce, which debuted in August and has a market cap of $4.2B.
- In Other News: One of the firm’s executives, Ron Klain, was selected to be President-elect Joe Biden’s Chief of Staff.