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Tech Industry

Paul Allen's VC firm to open new office in Silicon Valley

The new office will focus its investments on middle- and late-stage startups and pre-IPO deals, according to a report.

Paul Allen
Paul Allen NBA

Microsoft co-founder Paul Allen's venture-capital firm is opening an office in Silicon Valley.

Vulcan Capital, which has invested in a wide array of companies, including DreamWorks Animation and Redfin, has decided to open an office in Palo Alto, Calif., the company has confirmed to Reuters. The office, which will open at some point in the next few weeks, will focus on technology, Internet, and software companies. It will chiefly invest in middle- and late-stage startups, as well as pre-IPO deals.

"We are going to expand our footprint in broad tech investments, we'd like to get more resources, people on the ground" in Silicon Valley, Paul Ghaffari, Vulcan Capital's chief investment officer told Reuters in an interview published yesterday. "We have a real appetite to put new ideas in the portfolio."

Despite getting his start in software, Allen, who is a billionaire, has branched out over the years. In addition to a few technology companies, Vulcan Capital has a stake in firms across a wide array of industries, including energy, natural resources, financial services, and life sciences.

Allen co-founded Microsoft with Bill Gates. He left the company in 1983 after contracting cancer.