Canvas Ventures, a Portola Valley, Ca.-based early-stage venture firm, is this morning announcing that it has closed a second fund with $300 million. That’s a meaningful step up from the $175 million debut effort of the firm, which was cofounded in 2013 by former Morgenthaler Ventures partners Gary Little, Rebecca Lynn and Gary Morgenthaler.
One likely reason is Ben Nasarin, a longtime investor who joined the firm as a general partner in September 2015 from TriplePoint Capital. Another is Paul Hsiao, who came aboard as a GP in 2014 after spending a decade with NEA. (Meanwhile, Morgenthaler has shifted into a senior advisory role in order to do more seed investing, says the firm, adding that Morgenthaler is an investor in the new fund.)