This VC Just Closed On $60M To Fund ‘Technical Risk,’ Saying Others VCs Mostly Do Not
August 4, 2020
Ashmeet Sidana, a longtime VC who struck out on his own in 2015 to form Engineering Capital, just closed his third and newest fund with $60 million in capital commitments from a university endowment, a fund of funds and three foundations.
Sidana — who previously spent nearly nine years with Foundation Capital and received one of his first limited partner agreements afterward from Foundation’s legendary founder, Kathryn Gould — says the fund came together despite the pandemic, and without too much pain.
That’s thanks in part to Sidana’s track record, including the sale of the cloud monitoring startup SignalFx to Splunk for $1 billion after it raised $179 million from VCs, and the sale of the cloud application monitoring startup Netsil by Nutanix for up for $74 million in stock after it raised just $5.7 million. (Engineering Capital was the first investor in both.)