Foundry Group Raises New $500M Fund, Foundry Group Next

Boulder-based Foundry Group announced Monday that it has closed its sixth fund, Foundry Group Next, at $500M. According to the investment fund, the new fund will go towards both growth investments in successful companies from its early stage funds, as well as growth stage companies outside of Foundry Group. The venture investment group said that new ability to invest in funds that were not previously part of Foundry Group was because the firm has seen a "meaningful number" of growth investments that it could not address given its early stage strategy and its original strategy with its "Foundry Group Select" fund. As part of the new fund, it has added Lindel Eakman--previously at UTIMCO--to lead the Foundry Group Next investments.