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May 23, 2018

Amid Transition, Eric Schmidt’s Innovation Endeavors Raises $333.5 Million For Third Fund

Jason D. Rowley

Eric Schmidt is a busy bloke. He may have stepped down as Alphabet’s executive chairperson at the end of 2017, but, among other things, he continues to chair the U.S. Department of Defense’s Defense Innovation Advisory Board, runs a STEM fellowship in partnership with the Rhodes Trust, and invests in startups both as an individual and through his venture capital fund, Innovation Endeavors, for which he’s the cofounder and anchor LP.

The firm, founded in 2010, has invested in the likes of UberSoFiPlanetPeriscope Data, and Tango Card (which Crunchbase News recently covered). And Innovation Endeavors will have some fresh capital to commit to startups as the firm comes out of a period of transition.

Yesterday, Innovation Endeavors filed paperwork with the SEC for its third fund, which is imaginatively named “Innovation Endeavors III LP,” a $333.5 million investment vehicle with 69 limited partners that first started raising in late October 2017. The fund appears to be oversubscribed, considering that its initial filing (dated November 14, 2017) stated a target fund size of $300 million.

Fund III also appears to be the firm’s largest to date. According to the firm’s most recent advisory filing with the SEC, last updated in late March 2018, its second fund (“INNOVATION ENDEAVORS PARTNERS II, LLC”) had $236 million in gross asset value, and its first fund (“INNOVATION ENDEAVORS, LLC”) had roughly $107.5 million in gross asset value at the time of filing.


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