New Enterprise Associates

New Enterprise Associates (NEA) is an American-based venture capital firm. NEA focuses investment stages ranging from seed stage through growth stage across an array of industry sectors. With over $20 billion in assets under management, NEA was the world's largest venture capital firm in 2007.[1][2][3][4][5]

New Enterprise Associates (NEA)
TypePrivate
IndustryVenture capital
Founded1977 (1977)
FoundersRichard Kramlich
Chuck Newhall
Frank Bonsal
HeadquartersChevy Chase, Maryland, U.S.
Number of locations
9
AUMOver $20 billion
Websitewww.nea.com

Description

The firm is headquartered in Menlo Park, California, and Washington, D.C.,[3] and has additional offices in Baltimore, Bangalore, Beijing, Boston, Mumbai, New York City, San Francisco and Shanghai.[6]

Since its founding, NEA invested in nearly 1,000 companies, and realized over 650 liquidity events (with over 250 portfolio company IPOs and over 300 portfolio company acquisitions).[2]

NEA was founded in 1977 by C. Richard (Dick) Kramlich, Chuck Newhall and Frank Bonsal.[7] Kramlich had worked with noted venture capitalist Arthur Rock beginning in 1969 and Frank Bosnal had been an investment banker at Alex. Brown & Sons where he focused on initial public offerings (IPOs) for startup companies.[7] Chuck Newhall had previously managed an investment fund for T. Rowe Price in the 1970s. The firm was founded with offices on both the East Coast and the West Coast. Among the firm's first investments was 3Com, which NEA backed along with Mayfield Fund and Jack Melchor in 1981.[8]

The first NEA investment fund had only $16 million of capital. The firm's second fund raised $45 million and the third fund collected $125 million of commitments from investors in 1984. The firm continued to grow steadily throughout the 1980s and early 1990s raising $900 million from 1987 through 1996 across NEA's next four funds.[7] Beginning with NEA-8 in 1998, the firm greatly increased the size of its investment funds. NEA's tenth fund had $2.3 billion of investor commitments in 2000. After raising a more modest $1.1 billion in 2004 for the firm's eleventh fund, NEA raised $2.3 billion and $2.5 billion for its next two funds, respectively.[9][10] In 2010, NEA launched its thirteenth investment fund with $2.5 billion of investor capital, the largest since the Financial crisis of 2007–08.[11] In 2012, NEA closed its fourteenth investment fund with $2.6 billion of investor capital.[2][5] In April 2015, NEA closed its fifteenth investment fund with $3.1 billion in investor capital - the largest venture capital fund ever raised.[12] In June 2017, NEA closed its sixteenth investment fund with $3.3 billion in investor capital - again the largest venture capital fund ever raised.[13]

In 2018, former CEO of General Electric, Jeff Immelt, joined the firm as a venture partner.[14]

In March 2020, NEA named Liza Landsman as a General Partner. She joined the firm as a Venture Partner in 2018 after serving as president of Jet.com, an NEA portfolio company.[15]

Investments

The firm's investments include 23andMe, 3com, Aetion, Appian, Bitglass, Bloom Energy, Box (company), Braintree, Boingo Wireless, Built Robotics, Buzzfeed, CareerBuilder, Caremark Rx, CCP Games, Climate Corporation, Cloudflare, Coursera, Cvent, Desktop Metal, Diapers.com, Drop, Duolingo, Enigma, Fetchr, Formlabs, Forter, Fusion-io, GRID, Groupon, Gilt Groupe, Global Savings Group, HealthSouth, Houzz, Jet.com, Juniper Networks, The Learning Company, Lot18, Macromedia, MapD Technologies, Masterclass, MongoDB, MuleSoft, Nicira, Opower, Pentaho, Raise Marketplace, Robinhood Markets, Salesforce.com, ScienceLogic, Semiconductor Manufacturing International Corporation, SetPoint Medical Corporation, Smartcar, Snap Inc., Spreadtrum, Swiftype, Tableau Software, The Players' Tribune, Tempus, Threat Quotient, TiVo, Topera Medical, Toutiao, Uber, UUNET, Vonage, WebMD, Workday, ZeroFOX, and Zuoyebang.[16]

References
  1. Gutsy venture firm New Enterprise Associates brings home results. VentureBeat, January 4, 2007
  2. NEA - History (Company Website)
  3. Dan Primack (November 7, 2011). "NEA: The VC World's best-kept secret". Fortune. Archived from the original on April 3, 2015. Retrieved September 27, 2016.
  4. NEA Raising $2.5 Billion For What Could Become The Largest VC Fund In History. Tech Crunch, May 9, 2012
  5. New Enterprise Associates Closes $2.6 Billion In One Of Largest Venture Funds Ever. Forbes, July, 2012
  6. New Enterprise Associates sets up Boston office. PE Hub, November 14, 2013
  7. Udayan Gupta (2000). "Richard Kramlich - New Enterprise Associates". Done Deals: Venture Capitalists Tell Their Stories. Harvard Business Press. pp. 191–193. ISBN 9780875849386. Retrieved September 27, 2016.
  8. Pelkey, James. Entrepreneurial Capitalism and Innovation: A History of Computer Communications 1968-1988
  9. New Enterprise Associates closes new $2.5 billion fund. Silicon Valley Business Journal, July 23, 2006
  10. "$2.5 Billion in Search of an Exit". Deal Book. New York Times. July 12, 2006. Retrieved September 27, 2016.
  11. Tim Mullaney (January 21, 2010). "Venture Capitalist Dick Kramlich's Last Stand". Bloomberg Business Week. Retrieved September 27, 2016.
  12. Alex Konrad (April 15, 2015). "VC Firm NEA Raises A Record $3.1 Billion For Fifteenth Fund". Forbes. Retrieved September 27, 2016.
  13. Tomio Geron (June 19, 2017). "NEA Raises Massive $3.3 Billion Fund". WSJ. Retrieved March 14, 2018.
  14. O'Brien, Kelly J. (2018-02-01). "Jeff Immelt joins venture capital firm with growing Boston presence". Boston Business Journal. Retrieved 2018-02-01.
  15. "NEA Closes On $3.6B for New Fund with Focus on Early-Stage Technology and Healthcare Investments". StreetInsider.com. Retrieved 2020-03-11.
  16. "Portfolio | NEA | New Enterprise Associates". New Enterprise Associates. Retrieved 2014-09-26.
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