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Start-up investing legend Dick Kramlich jumps back in venture game

Dick Kramlich (left) and Anthony Schiller, partners at Green Bay Ventures.
Source: Green Bay Ventures
Dick Kramlich (left) and Anthony Schiller, partners at Green Bay Ventures.

Venture capital legend Dick Kramlich, who co-founded New Enterprise Associates almost 40 years ago, is back in the game.

Kramlich's new firm Green Bay Ventures is setting out to raise $130 million, according to a regulatory filing on Tuesday. Green Bay doesn't yet have a website but a landing page indicates the focus will be "early stage technology."

According to a source familiar with the firm, Green Bay will be investing in start-ups developing technology and products in manufacturing, energy, transportation, logistics, real estate and communications. Notably absent are consumer internet companies like Buzzfeed, Groupon, and Diapers.com, all of which received investment from NEA.

Kramlich is a towering figure in venture capital. After making a personal bet on Apple, the firm Kramlich started in 1978 with Chuck Newhall and Frank Bonsal made early hardware bets on 3Com, Juniper Networks and TiVo and in more recent years made a bundle on software investments in Tableau and Workday.

NEA's website says Kramlich has been involved in 10 companies that have grown into businesses worth more than $1 billion. Just last month, NEA filed to raise a mammoth $3 billion fund.

Kramlich is starting Green Bay with Anthony Schiller, who started managing Kramlich's family money in 2011, and Casey Tatham, who runs finance for the family office.

The trio is opening the fund at a time when venture capital is plentiful, even as tech IPOs are coming off their weakest year since 2009. Venture firms raised $41.6 billion in 2016, the most in 10 years, according to the National Venture Capital Association.

Green Bay has already made investments in RapidAPI and Capriza.