IDG Ventures USA, the US-based corporate venturing affiliate of media and data company International Data Group, has raised $120m for its third fund, co-founders Phil Sanderson and Alex Rosen told TechCrunch today.
Originally founded by IDG in 1996, IDG Ventures USA is one of a network of funds spanning the US, China, India, South Korea and Vietnam.
IDG is not the sole investor in IDG Ventures, instead acting as a limited partner, though it does help to drive the direction of the fund, which makes seed and series A-stage investments in US-based software developers.
The closure of the fund follows the $100m second fund raised by IDG Ventures USA in 2008. It has not disclosed the identity of the limited partners that joined IDG to back the third fund.
Companies to have received funding from the firm include daily deals service LivingSocial, which was valued at $1.5bn as of 2013; mobile game developer Funzio, which was acquired by mobile gaming company Gree for $210m in 2012; and Flowdock, the communications app bought by cloud software provider Rally Software in 2013.