Redpoint Ventures Closes $400M Fund

Venture capital fund Redpoint Ventures, which has an outpost in Los Angeles, has some new cash in the bank, after announcing $400M in a new fund today, Redpoint V. The firm--which has investments in such local companies as Gravity, Chill, Sonos, and Machinima--said the new fund will go towards early stage investing. The new fund follows Redpoint IV, which also was a $400M fund, which was raised three years ago. It's unclear how much the new fund will invest in Southern California companies; Redpoint has scaled back its activity in the region over the past few years.