Netflix, MySpace investor readies for more social-networking investments

Menlo Park, Calif. Redpoint Ventures, an early investor in such start-ups as MySpace, Netflix and TiVo, said late Monday that it has closed a new $400 million fund, which it says will target early-stage investments in social networking, mobile products, cloud computing and clean technology.

According to a report in Reuters, the announcement that the venture capital firm had closed its fourth fund, Redpoint IV, comes as Redpoint has seen some successful exits in the last six months.

Geoff Yang, a founding partner of Redpoint, told Reuters that the firm closed the funding round on schedule with more demand from investors than it could accommodate.

“We were prepared for a much tougher environment based on all the horror stories we had read and if you look at the macro conditions,” Yang said.